American Equity Investment Life Insurance Company, et al. v. Securities and Exchange Commission
United States Court of Appeals for the District of Columbia Circuit
613 F.3d 166 (2010)
Relevant factsFree
The SEC (defendant) issued Rule 151A excluding fixed-index annuities (FIAs) — which tie a minimum return to a securities index and thus expose purchasers to more investment risk than ordinary fixed annuities — from the Securities Act's exemption for state-regulated annuity contracts; insurers (plaintiffs) sought review of the rule.
IssueFree
Whether the SEC's interpretation that a fixed-index annuity does not constitute an annuity contract under § 3(a)(8) of the Securities Act of 1933 was reasonable.
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