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GAO-09-330R 1 (2009-01-30)

handle is hein.gao/gaobadwwt0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317726 January 30, 2009 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Indexed Annuities And Certain Other Insurance Contracts Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Indexed Annuities And Certain Other Insurance Contracts (RIN: 3235- AK16). We received the rule on January 9, 2009. It was published in the Federal Registeras a final rule on January 16, 2009. 73 Fed. Reg. 3138. The final rule defines the terms annuity contract and optional annuity contract under the Securities Act of 1933. The 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 effective date for this provision of the rule is January 12, 2011. The final rule also exempts 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 certain conditions are satisfied, including 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 effective date for this provision of the rule is May 1, 2009. GAO-09-330R

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