The Conference Committee bill passed by the joint House-Senate conferees on June 25, 2010 (the “Conference Bill”), contained an amendment limiting the Securities and Exchange Commission’s (the “SEC”) jurisdiction over certain insurance products—such as equity-indexed annuities, financial products that promise guaranteed returns and other similar products—effectively ending the jurisdictional fight that has been playing out since the SEC promulgated Rule 151A in December 2008. The inclusion in the Conference Bill of this amendment1 (introducedby Senator Harkin and referred to below as the “Harkin Amendment”) surprised some since the regulation of indexed annuities is not referenced in either the House or Senate versions of financial reform bills.
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