Indexed-annuity rule comment period extended

The Securities and Exchange Commission has chosen Nov. 17 as the new deadline for comments on its proposal to register indexed annuities. This rule, originally proposed in June, would designate certain indexed annuities as securities and place them under the oversight of the SEC and the New York- and Washington-based Financial Industry Regulatory Authority Inc. The rule has come under criticism by members of the insurance industry and regulators, who maintain that indexed annuities are insurance products and shouldn’t be regulated as securities. Originally, the comment period was supposed to have closed on Sept. 10, but it was later reopened after protests from Congress and trade associations, such as the National Association for Fixed Annuities of Milwaukee.