151A Legally Stopped

151A Killed

Today is a truly remarkable day.  The legislation we have been fighting for - to protect FIA products - is now reality.  President Obama today (7-21-2010) signed the financial services reform bill. With the passage of the financial reform bill, we have reached an important milestone-fixed indexed annuities will remain classified as insurance products governed by state insurance regulators. As a result, Securities and Exchange Commission rule 151A is no longer a concern, and there is now clarity in terms of the future of FIAs, including the requirements to provide them to consumers.

This is an incredible achievement thanks to your amazing hard work and perseverance.  Everyone of you who made calls, wrote letters, visited your local Congressional offices, came to Washington for our fly-ins, and threw heart and soul into this old fashioned roll-up-your-sleeves red-white-and-blue grassroots effort should feel extremely proud.  It's a glorious moment - one that fills us all with a sense of awe and humility - witnessing and experiencing real democracy in action.

Fixed Indexed annuities will continue to be a vital part of our business as Americans seek a wealth building tool that generates stable retirement income. Today's market dynamics has created a growing need and demand for FIAs, and we're pleased to offer our customers with products that can deliver guaranteed cumulative returns regardless of market conditions.

Thank you again to anyone who helped to make this happen, and this is truly a great day for our business.