Securities and Exchange Commission v. Variable Annuity Life Insurance Co. of America
United States Supreme Court
359 U.S. 65 (1959)
Relevant factsFree
VALICA (defendant) sold variable annuity contracts without registering them under the Securities Act, arguing they were insurance contracts regulated under state insurance law and exempt from federal securities law under the McCarran-Ferguson framework; the SEC (plaintiff) sued to enjoin the unregistered offerings, and the district court and court of appeals both ruled for VALICA.
IssueFree
Whether variable annuities are contracts of insurance not subject to the registration requirements of federal securities law.
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