With the talk of a regulatory revolution given the recent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the lessons of the past simply were not learned.
Indicative of such a failure is the legislation’s prohibition of the Securities and Exchange Commission’s previous adoption of a rule governing insurance contracts known as Equity Index Annuities, EIAs. This previous attempt at regulation is potentially a harbinger of attempts by the SEC to regulate the insurance industry as well as other areas.
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