To clarify the exemption for certain annuity contracts and insurance policies from Federal regulation under the Securities Act of 1933 introduced by Meeks on 4 June.
2(a)(3) Adoption of Rule 151A...harms the insurance industry, reduces competition, restricts consumer choice, creates...excessive regulatory burdens, and diverts Commission resources, all of which outweighs any perceived benefits.
4. Rule 151A promulgated by the Securities and Exchange Commission and entitled ‘Indexed Annuities and Certain Other Insurance Contracts’, 74 Fed. Reg. 3138 (January 16, 2009), shall have no force or effect.
Referred to the House Committee on Financial Services