151A: Let the lawsuit 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.
Named plaintiffs on behalf of our industry are 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 made at a bad time, and lacks sound legal precedence and logic.
In volatile times such as now, America's consumers deserve the safe-money opportunity offered by fixed-index annuities.
For future updates check www.AmericanRetirementSystems.com under "Press Releases."