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Annuity regulation is a patchwork of state and federal oversight, from state insurance departments monitoring agents and brokers to federal agencies regulating variable annuities.
Variable annuities are regulated both by the individual states (as insurance products) and by the Securities and Exchange Commission (as securities under the federal securities laws). The SEC requires that all of the charges under variable annuities be described in great detail in the prospectus that is offered to each variable annuity customer.
Variable annuities typically charge higher fees than fixed annuities due to the added complexity and investment management costs. ... While annuities are regulated at federal and state ...
At its core, a variable annuity is designed to provide a steady stream of income during retirement. But these financial products are more complex, costlier and riskier than other types of ...
Annuities paid only under certain circumstances are contingent annuities. A common example is a life annuity, which is paid over the remaining lifetime of the annuitant. Certain and life annuities are guaranteed to be paid for a number of years and then become contingent on the annuitant being alive.
The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
State. Free look minimum requirement . Alabama. 15 days. Free look period is only granted if the insurer fails to provide an annuity buyer’s guide and disclosure document at or before the ...
Traditional fixed annuities are regulated by state insurance departments and sold through insurance agents, banks, or registered representatives.Fixed annuities pursuant to state insurance law must provide a minimum rate of interest as provided in the annuity policy. [2]