1973 01 - SEC - Variable Life Insurance and the Petition for the Issuance and Amendment of Exemptive Rules, Securities and Exchange Commission

  • 1973 01 - SEC - Variable Life Insurance and the Petition for the Issuance and Amendment of Exemptive Rules, Securities and Exchange Commission  ---  [BonkNote]  ---  [PDF-207p-GooglePlay]
  • 1973 - SEC - Variable Life Insurance and the Petition for the Issuance and Amendment of Exemptive Rules, Securities and Exchange Commission - Summary - 27p
    • I am pleased to transmit the Division's report with respect to the Petition filed by the American Life Convention and the Life Insurance Association of America for the adoption of rules to exempt variable life insurance from the federal securities laws.
  • (p78) - Curiously, although the NAIC claimed that the disclosure requirements of the federal securities laws would interfere with their regulation, Commissioner Barger testified that the type of disclosure presently required under the Securities Act for variable annuities may actually help the state insurance commissioner regulate variable insurance, (Tr.1683-84) and the NAIC is attempting to impose upon the issuers of variable insurance products a limited disclosure requirement in the form of a "mini-prospectus."
    • [Bonk: Commissioner Barger = ]