Secretary of State May Gain Additional Authority

1 decade 3 years 3 months ago Wednesday, April 26 2006 Apr 26, 2006 Wednesday, April 26, 2006 1:29:44 PM CDT April 26, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY  (AP) - The secretary of state's office could get more authority to regulate securities and investments. The House gave first-round approval today to a bill giving the secretary of state explicit authority to regulate an investment product that is part life insurance and part mutual fund. The securities and exchange division in the secretary of state's office currently has authority over most investment regulation. But state law is unclear whether the secretary of state or the Department of Insurance should be overseeing the variable annunities. Democratic Secretary of State Robin Carnahan has called for the explicit authority. And her office has clashed with the Republican controlled insurance department. The House must give it a final vote before it moves to the Senate.

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