Who Are Variable Annuities Regulated By?

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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Who are Variable Annuities Regulated by?  Primarily because variable annuities involve securities (mutual funds) they are regulated by the SEC.  Oversight comes from other sources as well such as Finra and state insurance offices. An agent collects detailed information from the applicant to verify suitability of the purchase as it applies towards the applicant's goals and risk tolerances.  
    Answered on May 24, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Variable Annuities are a security. The Security Exchange Commission has jurisdiction over the filings. FINRA oversees the distribution practices of variable annuities. Licensed registered representatives must have a series 6 and 63 to sell variable annuities. Some variable group annuities are not considered securities in certain states. Check with the department of insurance in your state to confirm. 
     
    Answered on May 24, 2013
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    Head Librarian
    InsuranceLibrary.com, South Dakota
    Annuities are products of insurance companies so they are regulated by your state insurance commissioner.  In that a variable annuity deals with securities, the agent is supervised by FINRA and the individual companies are supervised by SEC and state and federal regulations.  As you can see a variable product is a regulated product.
    Answered on August 21, 2014
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