Coalition for Indexed Products Applauds S.1389

Companion to Meeks-Price Bill, H.R. 2733

WASHINGTON, June 29 /PRNewswire-USNewswire/ -- The Coalition for Indexed
Products ("the Coalition") today praised the introduction of S.1389,
introduced by Senator Ben Nelson (D-NE) and cosponsored by Senators Saxby
Chambliss (R-GA), Tom Harkin (D-IA), and Sam Brownback (R-KS).

A companion bill to the recently-introduced Meeks-Price Bill, S.1389 seeks to
clarify the exemption for certain annuity contracts and insurance policies
from Federal regulation under the Securities Act of 1933.

According to Jim Poolman, the Coalition's Spokesperson, the intent of both the
Senate and House bills is to reverse the SEC's recent controversial decision
to reclassify most fixed indexed annuities as securities and place them under
the SEC's jurisdiction. Poolman noted the legislation is drawing support from
both sides of the aisle and additional co-sponsors may be added in the coming
weeks.

"As we have stated previously, the SEC's attempt to reclassify these products
will result in unnecessary and duplicative regulation," said Poolman. He noted
that fixed indexed annuities are already effectively regulated by state
commissioners.

"It is especially gratifying to see that former insurance commissioners like
Senator Nelson and Congressman Earl Pomeroy (D-ND) support this legislation,"
he added. "Senator Nelson and his colleagues understand that fixed indexed
annuities are insurance, not securities, and the SEC's new rule will only put
a roadblock between these products and the middle class households that need
them."

About the Coalition for Indexed Products
The Coalition for Indexed Products ("Coalition") is comprised of eight
insurance company systems -- and their subsidiaries -- that issue fixed
indexed annuities. Its members include most of the top fixed indexed annuity
issuers.

SOURCE Coalition for Indexed Products

Elon Green, +1-212-867-0131, elon@benabe.com