Document ID: SEC-2008-1434-0001
Agency: sec
Document Type: Proposed Rule
Title: Indexed Annuities and Certain Other Insurance Contracts
Posted Date: 2008-10-17T04:00Z

[Federal Register: October 17, 2008 (Volume 73, Number 202)]
[Proposed Rules]               
[Page 61753-61754]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17oc08-22]                         

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 230 and 240

[Release Nos. 33-8976, 34-58769; File No. S7-14-08]
RIN 3235-AK16

 
Indexed Annuities and Certain Other Insurance Contracts

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule; reopening of comment period.

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SUMMARY: The Securities and Exchange Commission is reopening the period 
for public comment on new rules that it originally proposed in 
Securities Act Release No. 8933 (June 25, 2008) [73 FR 37752 (July 1, 
2008)]. The Commission proposed a rule that would, if adopted, define 
the terms ``annuity contract'' and ``optional annuity contract'' under 
the Securities Act of 1933. The proposed rule is intended to clarify 
the status under the federal securities laws of indexed annuities. The 
Commission also proposed to exempt insurance companies from filing 
reports under the Securities Exchange Act of 1934 with respect to 
indexed annuities and other securities that are registered under the 
Securities Act, provided that the securities are regulated under state 
insurance law, the issuing insurance company and its financial 
condition are subject to supervision and examination by a state 
insurance regulator, and the securities are not publicly traded.

DATES: Comments should be received on or before November 17, 2008.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/proposed.shtml);
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. S7-14-08 on the subject line; or
     Use the Federal eRulemaking Portal (http://
www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Florence E. Harmon, 
Acting Secretary, Securities and Exchange Commission, 100 F Street, 
NE., Washington, DC 20549-1090.

All submissions should refer to File No. S7-14-08. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov). Comments are also available for 
public inspection and copying in the Commission's Public Reference 
Room, 100 F Street, NE., Washington, DC 20549, on official business 
days between the hours of 10 a.m. and 3 p.m. All comments received will 
be posted without change; we do not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Keith E. Carpenter, Senior Special 
Counsel, Office of Disclosure and Insurance Product Regulation, 
Division of Investment Management, at (202) 551-6795, Securities and 
Exchange Commission, 100 F Street, NE., Washington, DC 20549-5720.

SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission 
(``Commission'') is reopening the period for public comment on a 
proposed rule that would define the terms ``annuity contract'' and 
``optional annuity contract'' under the Securities Act of 1933. The 
proposed rule is intended to clarify the status under the federal 
securities laws of indexed annuities, under which payments to the 
purchaser are dependent on the performance of a securities index. The 
Commission is also reopening the period for public comment on a 
proposed rule that would, if adopted, exempt insurance companies from 
filing reports under the Securities Exchange Act of 1934 with respect 
to indexed annuities and other securities that are registered under the 
Securities Act, provided that the securities are regulated under state 
insurance law, the issuing insurance company and its financial 
condition are subject to supervision and examination by a state 
insurance regulator, and the securities are not publicly traded. The 
rules were proposed on June 25, 2008,\1\

[[Page 61754]]

and the comment period initially closed on September 10, 2008.
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    \1\ Indexed Annuities and Certain Other Insurance Contracts, 
Securities Act Release No. 8933 (June 25, 2008) [73 FR 37752 (July 
1, 2008)].
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    The Commission has received numerous letters, including from state 
insurance commissioners, members of Congress, and others, requesting 
that the comment period be extended.\2\ In general, these commenters 
indicated that an extension would help them analyze the proposal and 
prepare meaningful comments. In order to provide additional time for 
the public to thoroughly consider the proposal, and in view of the 
significant continuing public interest in the proposal, the Commission 
believes that it is appropriate to reopen the comment period. 
Accordingly, we will reopen the comment period for an additional 30 
days.
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    \2\ Comments on the proposal are available at http://
www.sec.gov/comments/s7-14-08/s71408.shtml.

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    By the Commission.

    Dated: October 10, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-24625 Filed 10-16-08; 8:45 am]

BILLING CODE 8011-01-P