Variable Annuities

This page consolidates information and resources for firms about variable annuities and variable life insurance.

 

Notices

  • Regulatory Notice 13-31
    Suitability – FINRA Highlights Examination Approaches, Common Findings and Effective Practices for Complying with its Suitability Rule
  • Regulatory Notice 12-55
    Suitability - Guidance on FINRA's Suitability Rule
  • Regulatory Notice 11-25
    Know Your Customer and Suitability
  • Regulatory Notice 10-05
    FINRA Reminds Firms of Their Responsibilities Under FINRA Rule 2330 for Recommended Purchases or Exchanges of Deferred Variable Annuities
  • Regulatory Notice 09-32
    SEC Approves Amendments to NASD Rule 2821 Governing Purchases and Exchanges of Deferred Variable Annuities; Effective Date: February 8, 2010
  • Regulatory Notice 07-53
    SEC Approves New NASD Rule 2821 Governing Deferred Variable Annuity Transactions; Effective Date: May 5, 2008
  • Regulatory Notice 07-36
    FINRA Clarifies Guidance Relating to SEC Regulation S-P under Notice to Members 07-06 (Special Considerations When Supervising Recommendations of Newly Associated Registered Representatives to Replace Mutual Funds and Variable Products)

 

News Releases

  • 4/14/09 - FINRA Fines Fifth Third Securities $1.75 Million for 250 Unsuitable Variable Annuities Transactions
  • 1/29/08 - FINRA Fines Banc One for Unsuitable Variable Annuity Sales, Inadequate Supervision of Fixed-to-Variable Annuity Exchanges
  • 11/6/07 - FINRA Publishes Guidance, Text for New Rule Governing Deferred Variable Annuity Transactions
  • 5/8/07 - NASD, State Regulators Issue Joint Statement to Support Insurance Regulators' Model Annuity Suitability Regulation
  • 2/15/07 - NASD Charges Two Former Prudential Brokers with Facilitating Hedge Fund Manager's Deceptive Market Timing in Variable Annuities

 

Online Learning 

E-Learning Courses

Please visit our e-learning courses page to register for one or more of the following courses.

  • AML – Retail: Variable Annuities and Variable Life Insurance

  • Variable Annuities: Suitability and Disclosure for New Purchases

  • Variable Annuities: Sales Practice Issues for 1035 Exchanges

Podcasts

 

FINRA Investor Resources


Other Resources

 

Historical Information

Notices

  • Regulatory Notice 09-42
    Variable Life Settlement Transactions
  • Regulatory Notice 07-06
    Special Considerations When Supervising Recommendations of Newly Associated Registered Representatives to Replace Mutual Funds and Variable Products
  • Notice to Members 06-38
    Member Obligations with Respect to the Sale of Existing Variable Life Insurance Policies to Third Parties
  • Notice to Members 04-72
    Impermissible Use of Negative Response Letters for the Transfer of Mutual Funds and Variable Annuities (Changes in Broker-Dealer of Record)
  • Notice to Members 04-45
    NASD Seeks Comment on Proposed Rule to Impose Specific Sales Practice Standards and Supervisory Requirements on Members for Transactions in Deferred Variable Annuities; Comment Period Expires August 9, 2004
  • Member Alert (5/10/04)
    NASD Reminds Members of Their Responsibilities Regarding Hypothetical Tax-Deferral Illustrations in Variable Annuity Communications
  • Notice to Members 01-63
    SEC Approves New Rule Relating to the Application of NASD Rules and Interpretive Materials to Exempted Securities
  • Notice to Members 00-44
    The NASD Reminds Members of Their Responsibilities Regarding The Sale of Variable Life Insurance
  • Notice to Members 99-103
    SEC Approves Rule Change Relating to Sales Charges for Investment Companies and Variable Contracts; Effective Date: April 1, 2000
  • Notice to Members 99-35
    The NASD Reminds Members of Their Responsibilities Regarding the Sales of Variable Annuities
  • Notice to Member 97-48
    NASD Regulation Requests Comment on Amendments to Rules Governing Sale and Distribution of Investment Company Shares and Variable Insurance Products; Comment Period Expired September 29, 1997
  • Notice to Members 97-27
    Application of NASD Conduct Rules to Group Variable Contracts and Other Exempted Securities
  • Notice to Members 96-86
    NASD Regulation Reminds Members and Associated Persons that Sales of Variable Contracts are Subject to NASD Suitability Requirements

 

News Releases

  • 6/9/04 - SEC and NASD Release Joint Staff Report on Broker-Dealer Sales of Variable Insurance Products
  • 6/1/04 - NASD Fines Davenport & Co. in First Case of Deceptive Market Timing in Variable Annuities
  • 5/20/04 - NASD Disciplines Three Firms, Three Brokers for Variable Annuity Abuses
  • 4/26/04 - NASD Proposes Specific Requirements for Deferred Variable Annuity Sales
  • 1/29/04 - NASD Fines Prudential $2 Million; Orders $9.5 Million to Customers for Annuity Sales in Violation of NY Insurance Regs
  • 1/14/04 - NASD Charges Waddell & Reed with Suitability Violations Relating to Thousands of Variable Annuity Exchanges and Seeks Customer Compensation
  • 1/12/04 - NASD Bars Louisiana Broker and Orders Restitution for Unsuitable Sales of Variable Annuities and Mutual Funds
  • 5/27/03 - NASD Takes Disciplinary Actions for Variable Annuity Abuses and Issues Investor Alert on Variable Products

 

Last Updated: 3/11/2014