SEC Lets Symetra Put Insurance-Style Financial Statements in Annuity Filings
August 13, 2019 by Allison Bell
The staff at the U.S. Securities and Exchange Commission is pushing forward with a policy shift that may help life insurers save some money on variable annuity accounting.
The SEC staff put out a “no-action letter” ruling Thursday that gives two life insurers permission to use the financial statements they have prepared for state insurance regulators, rather than the accounting rules that usually apply to “publicly traded” companies, in the registration statement forms for indexed annuities that are filed as variable annuities.
The insurers are Symetra Life Insurance Company and a sister company, First Symetra National Life Insurance Company of New York. Both are now part of Sumitomo Life Insurance Company of Osaka.
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