9 Ideas for Making the SEC’s Annuity Summary Prospectus Shine
February 26, 2019 by Allison Bell
Officials at the U.S. Securities and Exchange Commission (SEC) are working on a new document template that could, possibly, make selling a variable annuity or variable life insurance contract feel a little less like wrapping a prospect’s brain in duct tape.
The SEC template makers are seeking public comments on the effort to create a new variable annuity and variable life summary prospectus that will let the light shine in.
Variable products issuers, and the financial professionals who help consumers understand the products have been pleading with the SEC to create a summary prospectus for decades. The U.S. Treasury Department gave the variable products summary prospectus project a push in October 2017, by putting “talk to the SEC about this” in a department regulatory priorities report.
The SEC unveiled a summary prospectus proposal in October 2018.
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