Annuities Expert Witnesses & Financial Reform Bill

Annuities expert witnesses may testify on variable annuities, retirement annuities, wraparound annuities, and more. the National Association of Fixed Annuities includes this press release on their website:

NAFA Comments on Passage of Financial Reform Bill by Senate Milwaukee, WI (July 15, 2010) – Today’s passage of the Financial Regulations Bill by the U.S. Senate tops off the historic week for the fixed annuities industry that was kicked off on Monday, July 12, when the U.S. Appeals Court required that the Securities and Exchange Commission’s Rule 151A be vacated. While the court’s ruling was good news the decision to vacate the Rule 151A does not preclude the SEC from re-proposing the Rule. The passing of the Financial Regulations Bill by the Senate will prevent the SEC from asserting jurisdiction over Fixed Indexed Annuities when the Harkin Amendment conditions are satisfied.

We are very pleased with these developments,” said Kim O’Brien, executive director of NAFA, “Fixed Indexed Annuities are insurance products that should be subject only to the oversight and regulation provided by state insurance departments. Fixed annuities play a vital role in helping consumers provide for their own financial well being in retirement. All stakeholders touched by fixed annuities – government, regulators, the industry, and consumers – share a common objective to protect consumers. This, along with a strict adherence to state regulations and our own code of ethics, should always be our primary focus as the association and its members continue to provide products and service to assist our customers with their retirement needs.”