FOR IMMEDIATE RELEASE

NAIC DISAPPOINTED WITH
ANTI-CONSUMER RULING
SEC Adopts Rule 151A

KANSAS CITY, Mo. (Dec. 17, 2008) - The National Association of
Insurance Commissioners (NAIC) expressed disappointment with the U.S.
Securities and Exchange Commission's (SEC) adoption of Rule 151A today.
The move challenges state insurance regulatory oversight.

"We are extremely disappointed by today's SEC decision," said NAIC Vice President and Iowa Insurance Commissioner Susan Voss. "State insurance commissioners have taken active steps to protect consumers of equity-indexed annuities - and will continue to do so."

Equity-indexed annuities, as a form of fixed annuities, are currently regulated by state insurance departments. State laws subject the products, the companies and producers selling these products to state insurance regulatory oversight. With adoption of the proposed rule, it is anticipated the SEC could begin regulating indexed annuity products as securities after a two-year transition period.

"We are very dismayed the SEC chose to ignore thousands of comment
letters opposing this rule," Voss said. "As insurance products, equity-indexed annuities are subject to extensive and ongoing regulatory initiatives taken by insurance regulators and numerous state insurance laws. The states have a demonstrated record of consumer protection, and we do not believe this rule is in the best interest of insurance consumers."

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City.

The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

You are currently subscribed to the "NAIC News Release" electronic service.
For information regarding this service, please contact the NAIC Communications Division, 2301 McGee Street, Kansas City, MO 64108, 816-783-8909.

To unsubscribe from NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services.

[ NAIC Web Site | Search NAIC and State Insurance Department Sites  ]
[ Copyright & Reprint Info | Privacy Statement]

©2008 National Association of Insurance Commissioners. All rights reserved.