The Securities and Exchange Commission (SEC) is interested in reducing the complexity associated with annuity information.
The SEC would like to try and develop user-friendly prospectuses that allow for greater transparency of product features and fees as well as an enhanced ability to compare like product types.
However, the Wall Street Journal reports that the complexity of annuity products is presenting regulators with significant hurdles.
Among the sources of complexity are product riders, multiple product types and non-standardized product features.
Source: Wall Street Journal
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