Ghost of 151A laid to rest in Illinois
January 17, 2013 by Maria Wood
Although the proposed SEC Rule 151A that would have classified fixed indexed annuities (FIAs) as securities was defeated quite some time ago, the contentious issue was revived recently in Illinois. A ruling in a case involving Pinnacle Investment Advisors led some annuity issuers to conclude that the state was characterizing FIAs as securities.
One insurer, Fidelity & Guaranty Life Insurance Co., asked the state’s Securities Department to clarify that Illinois does, in fact, exempt FIAs from securities legislation. Click here to read…
Originally Posted at LifeHealthPro on January 16, 2013 by Maria Wood.
Categories: Industry Articles