SEC Proposes Significant Form and Rule Amendments for the Registration of Index-Linked Annuities
October 17, 2023 by Vedder Price
On September 29, 2023, the SEC proposed significant form and rule amendments to establish a tailored registration form for index-linked annuities, as directed by Congress under the Registered Index-Linked Annuities Act of 2022 (RILA Act). Unlike variable annuity contracts, for which the SEC has adopted specific registration statement forms (i.e., Forms N-3 and N-4), insurance companies currently register offerings of registered index-linked annuities (RILAs) on registration statements on Securities Act of 1933 Forms S-1 or S-3. The market for RILAs has grown significantly in recent years. The SEC’s proposal would require RILA issuers to register offerings on amended Form N-4, the form used by most variable annuities, with proposed amendments designed to provide investors with disclosure tailored to RILAs, while building on the SEC’s layered disclosure framework. Other proposed amendments to Form N-4 would apply to all issuers that use that form.
Click HERE to read the full story via JD Supra
