The anti-fraud provisions of the Uniform Securities Act would apply to the sale in the State of both variable annuities and variable life insurance.
The Uniform Securities Act was put in place in order to deal with fraud involving securities at state level and to also help the Securities and Exchange Commission in the regulation and enforcement.The Uniform Securities Act was put in place in order to curtail securities fraud. It was designed in order to protect the public.
It should be noted that Any offer or sale to any of the following would be considered exempt from the registration and advertising filing requirements of the USA except the chief executive officers of companies listed on the NYSE.
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