Is a fixed annuity an exempt security?

A fixed annuity does not meet the definition of a “security” under the Uniform Securities Act. It is, rather, an insurance product. An exempt security is a security that is not subject to registration requirements, for example a U.S. Treasury note or a municipal bond. Exempt securities are subject to the Uniform Securities Act’s anti-fraud statute, while a fixed annuity is outside the scope of the Uniform Securities Act, as is a whole life insurance policy. State insurance laws regulate these products.