David RacichPRO
    Fountain Hills, Arizona
    A variable annuity is a security and an insurance product. The security aspect of variable annuities is regulated by FINRA and the insurance aspect is regulated by the department of insurance in each state.
    Answered on July 22, 2013
  2. 1000 POINTS
    Tyler MaddoxPRO
    Retirement Specialist, Cambridge Financial Group, Greenville, SC
    Variable Annuities are regulated by multiple agencies. First, the Department of Insurance of the State the Annuity was issued in regulates them to some extent. The states Securities Regulator also regulates them. FINRA & the SEC are two other regulators who have a hand in their regulations as well, depending on the agent who sold the policy.
    Answered on September 13, 2013
  3. 61682 POINTS
    Steve SavantPRO
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    An insurance product is regulated by the department of insurance. Securities are regulated through through Financial Industry Regulatory Authority and the Securities Exchange Commission. Variable annuities are both an insurance product and a security, i.e. which fall under the jurisdiction of both governing organizations. A registered representative must be licensed with both governing bodies.
    Answered on September 13, 2013
  4. 0 POINTS
    Head Librarian
    InsuranceLibrary.com, South Dakota
    A variable annuity is regulated by the insurance commissioner in your state and the Securities and Exchange Commission. The agent handling a variable annuity must be licensed to do so by the state insurance commissioner and must hold certain certification with FINRA the agency charged to supervise these contracts.
    Answered on September 10, 2014
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