Alert October 14, 2008

SEC Reopens Comment Period on Proposed Rules Regarding Registration of Certain Indexed Annuities and Related Exclusion from 1934 Act Reporting

The SEC reopened the comment period on (a) proposed Rule 151A under the Securities Act of 1933 (the “1933 Act”), which would define certain indexed annuities as falling outside the exclusion for registration otherwise provided for annuity contracts under Section 3(a)(8) of the 1933 Act and (b) proposed Rule 12h-7 under the Securities Exchange Act of 1934 (the “1934 Act”), which would provide an insurance company with an exemption from 1934 Act reporting with respect to certain registered securities issued by the company and regulated as insurance under state law.  (See the July 1, 2008 Alert for additional detail on the proposed rules.)  The reopened comment period ends 30 days after publication of the release formally announcing this SEC action in the Federal Register.