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AMERICAN EQUITY INVESTMENT LIFE INS. CO. v. S.E.C.

Nos. 09-1021, 09-1056.

572 F.3d 923 (2009)

AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY, et al., Petitioners v. SECURITIES and EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided July 21, 2009.

Attorney(s) appearing for the Case

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.

Opinion for the Court filed by Chief Judge SENTELLE.

SENTELLE, Chief Judge:

The Securities Act of 1933, 15 U.S.C. §§ 77a et seq. (the Act), exempts from federal regulation annuity contracts issued by a corporation subject to regulation by state insurance laws. Petitioners seek review of a rule promulgated by the Securities and Exchange Commission (SEC or Commission) stating that fixed indexed annuities (FIAs) are not annuity contracts within the meaning of the Act. As a result of this new rule, FIAs...

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