Hearings on Sales of Variable Annuities Wrap-Up

Variable annuities are a growing investment in Missouri, and have been the subject of growing consumer complaints. The Department of Insurance has concluded hearings on proposed new regulations of the investment sold by insurance companies to pay off down the road, usually ten years or so. Secretary of State Robin Carnahan supports the new regulations, but wants the law changed to give her Securities Division more power over the investment. Carnahan says too many times variable annuities have been sold inappropriately. Carnahan says she’s frustrated that legislation to give her office the power she wants died this session. She says she will try again next year if Governor Matt Blunt doesn’t add the issue to the special session agenda in September. Insurance companies sold $1.7-Billion worth of variable annuities last year.