US Court of Appeals Crushes Rule 151a
The insurance lobby is celebrating thier vistory today. The U.S. Court of Appeals vacated the Rule as a result of the SEC’s “arbitrary and capricious” failure to perform the required analysis of the effect of the Rule on efficiency, competition, and capital formation. But the SEC has volunteered to help the states in their bid to implement the 2010 NAIC Suitability in Annuity Transactions Model Regulation.
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