Insurance Law News
12/17/2008 8:31:56 PM EST
SEC to oversee some equity indexed annuities
WASHINGTON, D.C. -- (Reuters) The U.S. Securities and Exchange Commission voted on Dec. 17 to begin scrutinizing annuities linked to equity indexes, a complex financial product the agency says falls into a regulatory no-man's land. The 4-1 vote by the SEC immediately drew a sharp rebuke from Rep. Barney Frank, chairman of the House Financial Services Committee, who said the SEC should not have acted on such a controversial rule in the final days of the George W. Bush administration. Full version available here.
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