Annuity Roundtable - Agenda

Sponsored by NASD and Minnesota Department of Commerce
May 5th, 2006
National Press Club, Washington, DC

 

8:00 am - 8:45 am Registration
8:45 am - 9:00 am Opening Remarks
  • Robert R. Glauber, Chairman and CEO, NASD
  • Glenn Wilson, Commissioner, Minnesota Department of Commerce
9:00 am - 10:15 am Shedding Light on Annuity Products


Session Moderators:

  • Scott Borchert, Director, Minnesota Department of Commerce
  • Thomas Selman, Senior Vice President, NASD

This panel will explore the trends in the development and marketing of annuities, and the characteristics of these products and the investors to whom they are sold.

  • Industry growth
  • Features of each product
  • Purposes:
    • Retirement savings
    • Tax deferral
    • Estate planning
  • Investment and insurance components
  • Manner of sale

Participants also will address whether the typical annuity salesman and contract holder understands annuities and the differences between fixed, variable and indexed annuities.

  • Training/supervision of salesmen
  • Disclosure requirements
10:15 am - 10:30 am Refreshment Break
10:30 am - 12:15 pm Protecting Investors


Session Moderators:

  • Scott Borchert, Director, Minnesota Department of Commerce
  • Thomas Selman, Senior Vice President, NASD

Depending on the product, different regulatory standards apply.

  • Sales practice issues and regulatory response
  • Current differences in regulation
  • Enforcement
  • Disclosure
  • Suitability
  • Advertising and marketing
    • Supervision and training of salesmen
    • Licensing and qualifications
    • Continuing education
  • Are there any unintended gaps in regulation?
  • Can regulators better protect investors under the existing regulator systems?
12:15 pm - 12:30 pm Closing Remarks
  • Robert R. Glauber, Chairman and CEO, NASD
  • Glenn Wilson, Commissioner, Minnesota Department of Commerce

 

Roundtable Participants

  • Brian Atchinson, President and CEO, Insurance Marketplace Standards Association
  • Joseph Borg, Director, Alabama Securities Commission
  • Wendy Carlson, Chief Financial Officer and General Counsel, American Equity Investment Life Holding Company
  • Mark Casady, Chairman, President and CEO, LPL Financial Services
  • Sharon Hermanson, Senior Policy Advisor, AARP Public Policy Institute
  • Governor Frank Keating, President and CEO, American Council of Life Insurers
  • Clifford Kirsch, Vice President and Senior Corporate Counsel, Prudential Insurance Company of America
  • Mark Mackey, President and CEO, National Association for Variable Annuities
  • James Mumford, First Deputy Commissioner, Iowa Insurance Division
  • Annette Nazareth, Commissioner, U.S. Securities and Exchange Commission
  • Patrick Nelson, Deputy Commissioner, Minnesota Department of Commerce
  • James Poolman, Commissioner, North Dakota Insurance Department
  • Mary L. Schapiro, Vice Chairman and President, Regulatory Policy and Oversight, NASD
  • Richard Silver, Executive Vice President and General Counsel, AXA Financial, Inc.
  • John Simmers, Chief Executive Officer, ING Advisors Network
  • Thomas Streiff, Director of Funds & Annuity Solutions, UBS Financial Services, Inc.
  • Patricia Struck, Administrator, Wisconsin Department of Financial Institutions