FinanceDude
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Aug 3, 2006
- Messages
- 12,483
The SEC is coming under fire from the insurance industry regarding proposed rule 151A, which would REQUIRE such contracts to be registered as SECURITIES, making them subject to more stringent securities laws rather..............
The insurance industry is NOT happy with this, because currently they can sell fixed index annuities and equity indexed annuities with only an insurance license. Classifying them as securities would mean the agents would have to pass at least a Series 6 license, and need extra CE credits, along with a lot more compliance standards.
Maybe the Dateline expose on EIAs did have some clout.........
The insurance industry is NOT happy with this, because currently they can sell fixed index annuities and equity indexed annuities with only an insurance license. Classifying them as securities would mean the agents would have to pass at least a Series 6 license, and need extra CE credits, along with a lot more compliance standards.
Maybe the Dateline expose on EIAs did have some clout.........