[20081022]RS22974_年金和证券交易委员会提议的规则151A.pdf

1 This section is based on CRS Report RS22439, The Market for Retirement Annuities, by NeelaK. Ranade.Order Code RS22974October 22, 2008Annuities and the Securities and ExchangeCommission Proposed Rule 151ABaird WebelAnalyst in Financial EconomicsGovernment and Finance DivisionSummaryThe Securities and Exchange Commission (SEC) recently released a proposed rulethat would effectively reclassify equity indexed annuities as a security product inaddition to being an insurance product. Since insurance products are solely regulatedby the states, rather than by the SEC, this proposed rule would expand SEC authorityover these annuities. The SEC cited numerous problems with improper marketing andsales of these annuity products as a primary reason for increased SEC oversight. Thisproposal has been controversial, with more than 1,000 public comments made to theSEC before the initial comment period closed on September 10, 2008. On October 17,2008, the SEC published notice in the Federal Register that they reopened the commentperiod until November 17, 2008. This report presents the different types of annuities, explains the taxation ofannuities, and disentangles the federal and state roles in t