Rule 151A Comments Close
Here in Boston at the LHCA conference, one major topic of discussion has been the SEC's proposed Rule 151A and the possible federal regulation of indexed annuities as securities. At this morning's annuities session, there were several questions on this topic and the discussion closed with the hope that the comment period would be extended. Barbara Price of the ACLI indicated that the trade association had requested an extension. So did some individual companies and the National Governor's Association, in a letter signed by Gov. Jon S. Corzine and Gov. M. Michael Rounds. One LHCA speaker indicated he understood that comments were running at over 85% against the SEC's proposal.
But despite the requests for extension, the SEC closed the comment period. The process now moves to closed deliberations.
A review of the website suggests that The Hartford had the last public word of comment and that was generally in favor of proposal. That comment indicates that while the Proposed Rule is overbroad as currently drafted, federal regulation would be a welcome and valuable addition to regulation by the states.
And now we wait.....
