American Equity Inv. Life Ins. Co. v. SEC, 09-1021
In a petition for review of an SEC rule stating that fixed indexed annuities are not "annuity contracts" within the meaning of the Securities Act (Act), the petition is granted in part where the SEC failed to properly consider the effect of the rule upon efficiency, competition, and capital formation; but denied in part, where the SEC's interpretation of "annuity contract" in the Act was reasonable.
- Argued 05/08/2009
- Decided 07/21/2009
- Published 07/21/2009
Before: SENTELLE, Chief Judge, and GINSBURG and ROGERS, Circuit Judges.
Eugene Scalia argued the cause for petitioners American Equity Investment Life Insurance Company, et al. With him on the briefs were Barry Goldsmith and Daniel J. Davis., Rodney F. Page argued the cause and filed the briefs for petitioner National Association of Insurance Commissioners. Julius A. Rousseau entered an appearance., Kenneth W. Sukhia was on the brief for amici curiae Phillip Roy Financial Services, LLC and Phillip R. Wasserman in support of petitioners., James F. Jorden, Frank G. Burt and Gary O. Cohen were on the brief for amicus curiae Allianz Life Insurance Company of North America in support of petitioners.
Michael A. Conley, Deputy Solicitor, Securities & Exchange Commission, argued the cause for respondent. With him on the brief were David M. Becker, General Counsel, Jacob H. Stillman, Solicitor, and Dominick V. Freda and William K. Shirey, Senior Counsel., Deborah M. Zuckerman, Rex Staples, Stephen Hall, and Michael Lacek were on the brief for amici curiae AARP, et al. in support of respondent. Michael R. Schuster entered an appearance.