The Coalition for Indexed Products has voiced its support to a newly introduced companion bill to the Meeks-Price Bill, designed to defeat the SEC's 151A efforts.
Bill S.1389, introduced June 29 by Senator Ben Nelson (D-NE) and cosponsored by Senators Saxby Chambliss (R-GA), Tom Harkin (D-IA), and Sam Brownback (R-KS), seeks to clarify the exemption for certain annuity contracts and insurance policies from Federal regulation under the Securities Act of 1933.
According to Coalition spokesperson Jim Poolman, the intent of both the Senate and House bills is to reverse the SEC's recent controversial decision to reclassify most fixed indexed annuities as securities and place them under the SEC's jurisdiction. Poolman says the legislation is drawing support from both sides of the aisle and additional co-sponsors may be added in the coming weeks.
