Prudential Insurance v. Securities & Exchange Commission

STALEY, Circuit Judge.

The narrow but provocative question •posed by this case is whether the Investment Company Act of 1940, 15 U.S.C. § 80a applies to the Investment Fund resulting from the sale of variable annuity contracts to members of the public by The Prudential Insurance Company of America. The Securities and Exchange •Commission answered this question in the affirmative, rejecting the view of Prudential that the Act exempts such a program because the contracts are offered and sold by an insurance company. The case is before, us on the petition of Prudential for review of the order of…