SEC Rule 151A

[pcwest]

As many of you know, SEC Rule 151A would make index annuities a securities and "any like products." This is just the beginning as Mary Shapiro of the SEC is quoted as saying she wants to take over the insurance industry.

I am meeting with Sen. Reid on the 24th for dinner and I would like to walk in with hundreds of letters asking him to support the bills going through Congress to defeat and nullify Rule 151A.

Please visit: NAFA Get Active - NV - Senator Reid

Choose a letter and print it out on your letterhead and fax it me: 702-243-8694

Thank you,

 

[xrac]

We all need to suuport this effort.

 

[0b1kanobee]

Robert thanks for the information and I will pass this on to my other agents at the office. In total there is about 50 of us.

I'll do my best to support the effort. All the agents on this board need to get behind this. This is extremely important especially if you are or ever were thinking about getting into annuities.

It isn't a good thing for the consumer either, so if you ever wanted an annuity down the road you should get involved. I don't ever get involved in much but I'm gonna put forth whatever effort I can with this.

Funny thing, I was just thing about this very thing thing this morning.

 

[pcwest]

Great! I have some important news as of this morning.

This is the last stand. If the Bills in Congress do not get co-sponsored and voted on in the next 2 weeks, Rule 151A will go into effect and we will have to start over in 2011 with a new Congress.

Please let every agent/broker you know about this and what they can do.

Let me know if you need anything at all!

 

[retread]

Update 5/10/10: Harkin, Other Dems Back Indexed Annuity Amendment, And Other S. 3217 News - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

 

[scagnt83]

Thanks for the update, this is good news!

 

[Norwayguy]

Just a quick questions as I haven't been following 151A to closely as I am a registered rep. But if 151A was repealed would that REQUIRE B/Ds to release their reps from captive FIA list and running things through the B/D or would the B/D still be able to require what they are doing now? I guess I'm wondering if we have gone too far down this path and the B/Ds would like to keep this business?

 

[padthaiforlunch]

I thought 151A was overturned by the courts and that the SEC had to restart the process.

Great! I have some important news as of this morning.

This is the last stand. If the Bills in Congress do not get co-sponsored and voted on in the next 2 weeks, Rule 151A will go into effect and we will have to start over in 2011 with a new Congress.

Please let every agent/broker you know about this and what they can do.

Let me know if you need anything at all!

 

[JMO Fan]

Federal court told SEC that the basic premise of 151A was correct, i.e., that it could classify all indexed annuities as securities. They sent the rule back for the SEC to revise its impact statement, i.e., their assessment of how the rule would likely affect the market. Unless Congress passes a new law to preclude 151A, we're just waiting for the SEC to reissue it (although they did promise a new 2-year delay on reissue).

 

[pcwest]

You ask a really good question Norwayguy.

I really doubt the BD's will give up the money they are making off of brokers who sell index annuities. Why let the cash cow go..lol

Another Update.

We had 100's of Nevada brokers write letters to Sen. Harry Reid and they were hand delivered to him in DC on Mon. May 10th. The Naifa membership in NV really helped get the word out.

I am awaiting info. from our lobbyist about what is next.

I would like to ask people to understand that our industry is under attack. This is not about securities or insurance. There are jobs on the line. Not just for some agents, but for thousands of support staff at marketing organizations and at the insurance carriers themselves.

Just some food for thought.

Have a great week everyone!