ING is launching a registered indexed annuity, called Select Multi-Index, in May, which it is voluntarily registering the indexed annuity with the Securities and Exchange Commission.

While ING says the move to register the product has more to do with marketing the product to wirehouse reps leery of unregistered products, the SEC has been trying to bring indexed annuities under its remit for some time now. Indexed annuities have proved tricky for regulators to define, since they sit squarely in between fixed annuities and variable annuities in terms of design. Currently, anyone with an insurance license can sell an indexed annuity, just as that person could also sell a fixed annuity-but not a variable annuity, which is considered a securities sale by regulators.

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