Fish or Fowl?

Published Monday, January 01, 2007

Are equity-indexed annuities securities or insurance? Ever since the NASD issued its Notice to Members 05-50 in August 2005, this question has been the subject of much debate. And, until it's resolved, the regulatory status of this emerging-but-popular product is in doubt. The NASD offered only loose recommendations to member firms about how sales of equity-indexed annuities should be conducted and supervised, but most broker/dealers are taking the conservative route and implementing them anyway. Firms like Raymond James and Royal Alliance Associates have decided to ban reps from selling the product through outside insurance b/ds and have created ...

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