ACLI, Members at Odds over NASD

While the American Council of Life Insurers is looking to make nice with NASD, some of its members are talking about suing the regulatory agency.

Both Gary Hughes, ACLI executive vice president, and a lawyer who represents insurance companies said some insurers have talked about suing Washington-based NASD if the Securities and Exchange Commission approves the organization's controversial variable annuity suitability rule. The proposal, if approved, would be one of only a few NASD rules that set regulatory standards for a specific product.

ACLI, members at odds over NASD
Source: Investment News (subscription required)