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VA-specific regs irk insurers; But some advisers welcome NASD practice standards plan.(News)
Byline: Sara Hansard
Advisers and insurance companies may be about to butt heads over stringent new regulations on variable annuity sales proposed last week by NASD in Washington.
At the same time, the insurance industry is raising the ire of state securities regulators as the industry fights off their attempts to get legislation enacted in their states that would allow them to regulate variable annuities.
At the end of 2003, $985 billion was in variable annuities, a 23% increase from the level a year earlier. Net premium flows for the insurance-based investment product in 2003 were about $46 billion, a nearly 50% increase from those of 2002.
The rules proposed by NASD would create sales practice standards specifically for variable annuities, underscoring the fact that the self-regulatory organization has brought more than 80 disciplinary cases involving VA sales in the past two years.
"You have all sorts of other securities products that are the source of excessively greater market …
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Source: HighBeam Research, VA-specific regs irk insurers; But some advisers welcome NASD...
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