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SEC Adopts Rule 151a

On December 17, 2008 the Securities and Exchange Commission (SEC) adopted proposed rule 151a. This rule makes Fixed Indexed Annuities (FIAs) a security and will require a securities license in order to keep selling. The targeted effective date is January 12, 2011.

Click here to read the proposed rule.

Great American, Old Mutual, Sun Life Financial, Aviva, American National, Genworth Financial, West Coast Life, Bankers Life, Life of the South West, AIG, North American, Forethought, Western Reserve Life, Equitrust & Liberty Bankers Life.