Bill introduced to maintain state control over indexed annuities

A New York Congressman has introduced a bill that will try to preserve state authority over indexed annuities, pushing back against a recent rule from the Securities and Exchange Commission. The bill, H.R. 2733, is known as the Indexed Annuities and Insurance Products Classification Act of 2009, and was sponsored by Rep. Gregory W. Meeks. It would nullify the SEC’s 151A rule, which classifies indexed annuities as securities and makes them subject to oversight from the SEC and the Financial Industry Regulatory Authority Inc. of New York and Washington. The legislation has been referred to the House Committee on Financial Services.