Do other states have the exclusion jurisdiction language in their variable contracts laws?
Yes, most states do. Forty states have them. Ten states do not. Also, in some of those forty states, the exclusive jurisdiction provision specifies that the authority is granted to the insurance commissioner notwithstanding any other law. In some, the provision even specifies that the contracts and sellers are not subject to the securities act or to the securities commissioner. Q: Are there any federal mandates that require a state’s securities act to apply to a variable annuity contract, or prohibit a state’s securities act from applying to a variable annuity contract? A: No. However, the federal Securities Act of 1933 has been construed by the United States Supreme Court to include variable annuity contracts as securities. Q: Should Hawaii’s securities act be consistent and uniform with the federal Securities Act of 1933, by retaining the present definition of “security” in which a variable annuity contract is expressly a security, or should the act be consistent and uniform with the
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