A bill has been introduced in the House of Representatives that would require the Securities and Exchange Commission to revamp the registration form for registered index-linked annuities, or RILAs.
Under current SEC rules, these and other annuity products must be registered using forms that are designed primarily for equity offerings and therefore require extensive information that may not be relevant to prospective annuity purchasers, according to the Insured Retirement Institute, a trade group for the annuity business.
“These forms also require disclosure of financial information prepared in accordance with generally accepted accounting principles, which many insurers are not otherwise required to produce,” the IRI said in a letter in support of the legislation.
If enacted, the bill — the Registration for Index Linked Annuities Act — would “lower barriers to innovative retirement income products” IRI said.
Rep. Alma Adams (D-North Carolina), Rep. Dean Phillips (D-Minnesota), and Rep. Anthony Gonzalez (R-Ohio) introduced the measure.
Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant
Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.
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