IRI: VA summary prospectus rule from SEC may finally be coming
March 27, 2015 by Melanie Waddell
The Securities and Exchange Commission may issue a long-awaited variable annuity summary prospectus rule this year, while the Department of Labor’s redraft of its rule to amend the definition of fiduciary on retirement accounts could be released in the first two weeks of April.
Lee Covington, senior vice president and general counsel for the Insured Retirement Institute, said Thursday at IRI’s Marketing conference held at National Harbor, Maryland, just outside Washington, that part of the holdup on a VA summary prospectus can be attributed to the SEC’s Investment Management division changing directors three times since IRI started pressing the agency to issue such a rule seven years ago.
However, Covington added that the current SEC commissioners, as well as SEC Chairwoman Mary Jo White, support a VA summary prospectus, which would be similar to a mutual fund prospectus. Click HERE to read…