Wednesday, February 18, 2009
In a brief filed with the D.C. Court of Appeals, the National Association of Insurance Commissioners and the National Conference of Insurance Legislators joined a group of equity index annuity companies and argued that the SEC exceeded its authority when it enacted, last December, its rule subjecting most index annuities to federal regulation as securities. The SEC's response is due April 6. The D.C. Circuit, which frequently overturns SEC rules, agreed to hear the case on an accelerated basis. InvNews, States fight for right to regulate equity index annuities.