Rule 151A: Let the lawsuits begin

By Kevin Wingert

American Retirement Systems

On Friday, January 16, 2009 the Coalition for Index Annuities filed suit in the D.C. District Court of Appeals opposing SEC Rule 151A.

Plaintiffs named on behalf of our industry include American Equity Investment Life Insurance Company, Old Mutual Financial, Midland National Insurance Company and National Western Life Insurance Company.

On behalf of American Retirement Systems, LLC. and the entire fixed index annuity marketplace, I want to thank these companies for stepping up. Rule 151A is a bad rule at a bad time, lacking sound legal precedence and logic.

In volatile times such as these, America's consumers deserve the safe-money opportunity offered by fixed index annuities.

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