Regulatory Issues Industry

News

Wall Street Goes Shopping in the Frozen Pension Aisle?

Financial firms seek legislation that would let them buy and manage the estimated $500 billion currently in “frozen” pension plans.

More Time Needed to Comment on Index Annuity Rule—Old Mutual

An attorney for Old Mutual Financial Network has asked the SEC to extend by 120 days the comment period on SEC proposed Rule 151A, which would classify index annuities as securities.

Congressman Proposes New Tax-Free Savings Accounts

The Worker Savings Account Act, H.R. 6799, would create an account that works similar to an IRA, with an annual contribution limit of $5,000, indexed to inflation.

SEC, Labor Department Work To Protect Retirement Savings

The U.S. Labor Department and the Securities and Exchange Commission will continue their partnership to protect the $5.8 trillion of retirement assets held by American workers.

NAFA To Oppose SEC Proposed Rule 151A

The fixed annuity trade group will hire a Washington public relations firm and a law firm and propose a “complete withdrawal” of Rule 151A.

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Articles

On the Road to STP August 2008

Obtaining acceptance from state insurance regulators is a key objective of NAVA's Straight-through Processing (STP) Standards initiative.

SEC Poised to Regulate Index Annuities

Last June 25, the SEC approved a proposal that would, for the first time, classify index annuities as federally regulated securities.

On the Road to STP - July 2008

Next Fall's Election Colors the NAVA Conference Mood

Washington, DC--The keynote address of the 2008 Compliance and Regulatory Affairs Conference was delivered not by someone from the annuities industry but instead by political pundit Robert Novak.

Hybrid Income Products Breed Concern Among State Regulators

Applications for a flurry of new investment products, in which guaranteed lifetime withdrawal benefits (GLWBs) are attached to managed accounts, lie pending before the Securities and Exchange Commission. But state insurance and securities regulators in some states, including New York, Florida and Alabama, have concerns about the products, which straddle the line between investments and insurance.

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