This is great news for us all...
Members of the conference committee responsible for reconciling the House and Senate versions of H.R. 4173 have been looking at the indexed annuity jurisdiction issue.
Sen. Tom Harkin, D-Iowa, asked members of the conference committee to add an amendment to Title IX of the financial services bill that would classify fixed indexed annuities as insurance products -- if the FIA products are sold by insurers domiciled in states that have adopted the model regulations recently developed by the National Association of Insurance Commissioners, Kansas City, Mo., or if the insurer selling an FIA product has agreed to apply the NAIC standards to all of its FIA sales.
The amendment would have no affect on the legal status of the FIA products not subject to the NAIC model rules.
