NASD adds amendment to annuity proposal
Washington-based NASD has added a fourth amendment to a proposed rule affecting the sale of deferred variable annuities.
Washington-based NASD has added a fourth amendment to a proposed rule affecting the sale of deferred variable annuities. Originally proposed in 2004, the rule addresses requirements for training, along with principal review and approval, among other provisions. The latest proposed change would require supervisory principals to review VA sales within seven days before an application is submitted to an insurer; NASD originally had proposed a five-day window. The SEC has not yet ruled on the regulation. For a look at NASD’s latest amendment, go to www.nasd.com/web/groups/rules_regs/documents/rule_filing/nasdw_018737.pdf
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