Financial Services Industry
Industry: Email Alert RSS FeedA whole new era is coming for Vas, VLs.(Variable Products)(variable annuties, variable life insurance)
National Underwriter Life & Health-Financial Services Edition, March, 2004 by Blazzard, Norse N.; Hasenauer, Judith A.
THE CURRENT SCANDAL affecting the mutual fund business now has spilled over into the variable annuity and variable life insurance business.
The Securities and Exchange Commission as well as the New York attorney general and several other state attorneys general have launched investigations into the VA and VL insurance business to determine it illegal activities involving abuses in after-hours trading and market timing have adversely affected variable contract owners.
The SEC also has launched rule-making procedures involving registered investment company shares that will, if adopted, have the potential to affect variable contracts.
This flurry of activity comes amid congressional legislative actions that are attempting to change laws...
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