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Securities and Exchange Commission (SEC) Variable Annuities

Carlton Fields

A Sea Change in RILA Regulation: Navigating the New Waters

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On July 1, 2024, the Securities and Exchange Commission adopted a new registration framework for registered index-linked annuity (RILA) contracts. RILA contracts allow investors to allocate purchase payments to one or more...more

Carlton Fields

NASAA Report on BD Compliance With Reg BI: Finds Progress, but Specifies Work To Be Done

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A September report of the North American Securities Administrators Association (NASAA) on broker-dealer compliance with the SEC’s Regulation Best Interest (Reg BI) finds...more

Goodwin

SEC Enforcement Weighs in on Variable Annuity Exchanges for the First Time

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After years of relative silence related to variable annuity exchanges on the regulatory front, the U.S. Securities and Exchange Commission announced last week settled charges against RiverSource Distributors, Inc...more

Faegre Drinker Biddle & Reath LLP

FINRA’s Focus on Variable Annuity Switches Continues

On January 8, 2021, without admitting or denying the findings, VALIC Financial Advisors, Inc., (VALIC) entered into a settlement with FINRA Enforcement, through an Acceptance, Waiver and Consent (AWC) where the factual...more

Faegre Drinker Biddle & Reath LLP

SEC Adopts New Rule 498A for Variable Contracts

On March 11, 2020, the U.S. Securities and Exchange Commission adopted new Rule 498A under the Securities Act of 1933, as amended, and related form and rule amendments. The new rule and amendments are intended to modernize...more

Carlton Fields

Sprouting: Modernized Variable Product Disclosures: SEC Approves Summary Prospectuses

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As spring begins, and after many years of fertilizing and watering by industry representatives, the SEC has adopted comprehensive reforms to its disclosure requirements for variable annuities (VAs) and variable life insurance...more

WilmerHale

COVID-19: SEC Grants Temporary Relief to Mutual Funds from Borrowing and Lending Restrictions

WilmerHale on

On March 23, 2020, the SEC issued an order (the “Order”) granting registered open-end funds and insurance company variable annuity separate accounts expanded capability to borrow from their affiliates to satisfy redemption...more

Eversheds Sutherland (US) LLP

SEC adopts groundbreaking disclosure improvements for variable insurance contracts 

On March 11, 2020, the Securities and Exchange Commission (“SEC” or “Commission”) adopted a new prospectus disclosure framework, including new rules, rule amendments and registration statement form amendments, for...more

Vedder Price

SEC Adopts New Variable Contract Summary Prospectus Rule

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New Streamlined Disclosure Approach for Variable Contracts - Yesterday, the Securities and Exchange Commission (SEC) adopted Rule 498A – the long-awaited variable contract summary prospectus rule. The new rule represents...more

Mayer Brown Free Writings + Perspectives

Investor Advocate Report (UPDATED)

Recently, the SEC’s Office of the Investor Advocate released its report on its fiscal 2019 activities.  The report cites staffing challenges that have impaired the ability of the SEC’s Ombudsmen to respond to matters brought...more

Carlton Fields

New Procedures for Mutual Fund and Insurance Product SEC Filings

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In Release No. 33-10618 (Mar. 20, 2019), the SEC adopted amendments (the “Amendments”) that consolidate, conform, and otherwise refine numerous requirements applicable to filings with the agency. ...more

Carlton Fields

SEC Proposes Summary Prospectus Option and Modernized Disclosure for Variable Insurance Products (UPDATED)

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On October 30, the SEC voted to propose modernized disclosures for variable annuities and variable life insurance policies. The proposal would permit...more

K&L Gates LLP

SEC Proposes Summary Prospectus Rule for Variable Annuity and Variable Life Insurance Contracts

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Executive Summary - In a significant step toward improving variable insurance product (“VIP”) disclosure, the U.S. Securities and Exchange Commission (“SEC”), on October 30, 2018, proposed a new rule (the “Summary Prospectus...more

Dechert LLP

SEC Issues Proposed Rule Permitting Variable Annuity and Variable Life Insurance Contracts to Use Layered Disclosure

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The U.S. Securities and Exchange Commission announced on October 30, 2018 that it had voted to issue a proposed rule and form amendments1 that would allow insurers offering variable annuity and/or variable life insurance...more

Eversheds Sutherland (US) LLP

SEC proposes new variable contract disclosure regime

The US Securities and Exchange Commission (SEC or Commission) recently proposed a new disclosure framework for SEC-registered variable annuity contracts and variable life insurance policies (together, variable contracts) that...more

Carlton Fields

SEC Proposes Summary Prospectus Option and Modernized Disclosure for Variable Insurance Products

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On October 30, the SEC voted to propose modernized disclosures for variable annuities and variable life insurance policies (“variable insurance products” or “contracts”), including the use of an optional summary prospectus....more

Carlton Fields

SEC Targets Variable Insurance Products

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Once again, the SEC’s Office of Compliance Inspections and Examinations (OCIE) has made variable insurance products an exam priority....more

Carlton Fields

Expect Focus - Volume I, March 2017

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Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated attention...more

Carlton Fields

SEC Facilitates Product Charge Variations

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SEC staff in December issued a Guidance Update that provides significant flexibility regarding how mutual funds and variable annuities (VAs) reflect multiple charge structures in their SEC registration statements....more

Carlton Fields

Will New Administration Speed VA Summary Prospectus?

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President Trump’s nominee for SEC Chairman, Jay Clayton, could speed authorization of the variable annuity (VA) summary prospectus and related layered disclosure and shortened underlying fund report to shareholders. Doing so...more

Carlton Fields

Broker-Dealers Can Hold Customers’ Initial Checks

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A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Soooooo . . . about that whole Brexit thing. A UK High Court has ruled that Britain’s EU withdrawal cannot move forward without the approval of Parliament, setting off more uncertainty and what’s expected to be a series of...more

Eversheds Sutherland (US) LLP

IRS Notice Offers Relief to Issuers of Variable Insurance Products in Response to Pending Money Market Fund Reforms

On May 5, 2016, the IRS issued Notice 2016-32, 2016-21 I.R.B. 1, which affords relief with respect to the application of the diversification requirements of IRC § 817(h) to variable life insurance and annuity contracts...more

Ballard Spahr LLP

Investment Management Update - April 2016

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Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. ...more

Orrick - Finance 20/20

SEC Announces 2016 Examination Priorities

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On January 11, the SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2016 priorities. New areas of focus include liquidity controls, public pension advisers, product promotion, and two popular...more

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