U.S. SEC will not get oversight of indexed annuities

June 28, 2010 by Kim Dixon

June 24 (Reuters) – U.S. lawmakers agreed on Thursday to allow states to regulate annuities linked to equity indexes instead of the Securities and Exchange Commission.

Lawmakers negotiating financial overhaul legislation agreed a provision specifying U.S. State authority over the financial products be included in their final bill.

Annuities are insurance products in which the insurer promises to make periodic payments to the customer, starting immediately or at some future date.

The House and Senate hope to merge their bills this week so they can send a final version of the regulatory overhaul to President Barack Obama to sign into law by early July.

(Reporting by Kim Dixon, Rachelle Younglai; Editing by Andrew Hay)

Originally Posted at Reuters on June 24, 2010 by Kim Dixon.