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Securities Regulation › Annuities

Carlton Fields

SEC Staff Updates Guidance on Rate Sheet Supplements to Include Changes to Index Loss Limits in RILAs

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On August 4, SEC staff updated guidance on the use of rate sheet supplements in disclosing changes to terms in insurance products. As revised, updated ADI 2018-05 enables insurers to use rate sheet supplements to notify...more

Carlton Fields

Expect Focus - Volume II, May 2025

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Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty - The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more

Carlton Fields

FINRA Adds On to Its Annual Oversight Report - Building in RILA Sales Guidance for First Time

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In a section titled “Annuities Securities Products,” FINRA’s 2025 Annual Regulatory Oversight Report, issued on January 28, 2025, addresses regulatory obligations related to the sales of variable annuities (VAs) and...more

Carlton Fields

Getting Clued In: How the SEC’s RILA Rulemaking Affects Variable Annuities

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The recent rule and form amendments adopted by the SEC to facilitate the registration of registered index-linked annuities (RILAs) and market-value adjustment annuities (MVAs) on Form N-4 have been broadly welcomed by the...more

Carlton Fields

Up, Up, and Away for RILA Regulation: SEC Adopts Long-Awaited Framework

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On July 1, 2024, pursuant to congressional mandate, the SEC adopted a new registration framework for registered index-linked annuities (RILAs). In addition, the SEC has extended the ambit of this framework to include...more

Carlton Fields

A Sea Change in RILA Regulation: Navigating the New Waters

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On July 1, 2024, the Securities and Exchange Commission adopted a new registration framework for registered index-linked annuity (RILA) contracts. RILA contracts allow investors to allocate purchase payments to one or more...more

Carlton Fields

Last Lap in SEC RILA Rulemaking: Critical Unresolved Issues

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Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC published its proposed registration statement and related rules. As we...more

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SEC Relief for RILA Issuers to Use Statutory Financials: Has the Moratorium Been Lifted?

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Innovative registered index-linked annuity (RILA) contracts have become a permanent fixture in the retirement savings marketplace. RILAs provide investors with a product that offers upside potential with downside protection,...more

Carlton Fields

Illinois Supreme Court Nails Down Status in Big Market: Indexed Annuities Are Not Securities

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In Van Dyke v. White, the Illinois Supreme Court has held that fixed indexed annuities are not securities under Illinois law....more

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New Chair on the Block Discusses Reconstructing the Suitability Model

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Ohio Department of Insurance Director Jillian Froment, the new chair of the Annuity Suitability Working Group (Working Group), invited regulators and interested parties to build the required standard of care foundation for...more

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“Promptly Transmit” Redefined for Some Customer Checks

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The SEC and FINRA recently extended relief originally granted to accommodate suitability reviews of deferred variable annuities, so that the relief is now also available for mutual funds, Section 529 plans, and other...more

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