SEC to oversee some equity indexed annuities

The U.S. Securities and Exchange Commission voted on Wednesday to begin scrutinizing annuities linked to equity indexes, a complex financial product the agency says falls into a regulatory no-man's land.

...The SEC agreed to define annuity contracts and optional annuity contracts as securities so it can better police the fast-growing $120 billion market. The agency action came at a time when SEC Chairman Christopher Cox has drawn criticism for not doing enough to protect investors.

The SEC's new definition applies to indexed annuities issued on or after Jan. 12, 2011...

Reuters: SEC to oversee some equity indexed annuities