The Securities and Exchange Commission (SEC) issued a statement about insurance companies wanting to substitute certain investment funds used in variable life insurance policies or annuity contracts. The SEC stated that if the substitution terms are similar to those previously approved since January 1, 2004, the insurance companies do not need a new order from the SEC for these changes. However, insurance companies still need to inform the SEC and confirm that the new funds are similar to the old ones. This approach aims to protect investors while making the substitution process more efficient.
Simple Explanation
The SEC says that if an insurance company wants to change the money it uses for certain types of life insurance or annuities, and the change is similar to what they did since 2004, they don't need to ask for permission again. They just have to tell the SEC and make sure the new choice is pretty much like the old one.