5 Notes About the SEC’s New Indexed Annuity Bulletin
August 21, 2019 by Allison Bell
An arm of the U.S. Securities and Exchange Commission last week told investors what it thinks about you.
The SEC’s Office of Investor Education and Advocacy expressed its views in a short document with the title “Investor Bulletin: Indexed Annuities.”
The SEC as a whole seems to have decided that the federal government should avoid smashing ordinary, commission-based indexed annuities like a bug.
Under former President Barack Obama, the U.S. Department of Labor put out a fiduciary rule, and associated batches of guidance about how to apply to rule, that seemed to be designed to make selling commission-based indexed annuities classified as fixed-rate insurance products about as difficult as selling narcotics.
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1. Annuity terminology may confuse at least some members of the SEC bulletin development team.
Sheryl Moore, president of Wink Inc., a life insurance and annuity market research firm, pointed out in a LinkedIn post last week that, in the original version of the bulletin, SEC officials said that, if the index used in an indexed annuity falls, the annuity account value could fall.
