In a petition filed in mid-April, MetLife Inc., the North American Securities Administrators Association and AARP argued index annuities should be regulated as securities rather than insurance products, DowJones reports.
Rule 151A, which requires index annuities issued on or after Jan. 12, 2011 to be registered with the commission and sold only by registered broker-dealers, met with much opposition after it was approved last December.
In January, a group of insurers and marketing companies, including American Equity Investment Life Insurance Co., BHC Marketing, Midland National Life Insurance Co., National Western Life Insurance Co., OM Financial Life Insurance Co. and Tucker Advisory Group Inc., challenged the rule, according to DowJones.
The parties involved, however, have conflicting interests, the news agency reports.
