Filed Under:Annuities, Fixed Indexed

Illinois: FIAs are not subject to state securities law

Chicago Skyline. AP Photo/Beth A. Keiser
Chicago Skyline. AP Photo/Beth A. Keiser

In a statement dated Jan. 10, the Illinois Securities Department clarified that fixed indexed annuities (FIAs) and the agents who sell such products are not subject to securities registration under Illinois law.

The letter was in response to an action the state initiated against Senior Financial Strategies, Inc., dba Pinnacle Investment Advisors, back in 2008. The owners of Senior Financial Strategies, Susan and Thomas Cooper, were subsequently fined $10,000 for allegedly violating Illinois securities law by advising clients to liquidate annuities or IRAs to fund the purchase of FIAs.

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Nichole Morford

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