What regulatory body oversees variable annuities as securities?

The correct choice regarding the regulatory body that oversees variable annuities as securities is the Securities and Exchange Commission, commonly referred to as the SEC. Variable annuities are considered securities because they have investment components that can fluctuate in value based on the performance of underlying investments. As a result, they fall under the purview of federal securities laws.

The SEC is responsible for protecting investors, maintaining fair and efficient markets, and facilitating capital formation. It regulates the offering and sale of variable annuities to ensure that consumers receive adequate information about the products they are investing in, helping them make informed decisions.

In contrast, the other options refer to different regulatory bodies with distinct roles. FINRA (Financial Industry Regulatory Authority) focuses on the regulation of brokerage firms and exchange markets but does not have oversight over variable annuities as securities directly; rather, it provides guidelines for broker-dealers selling such products. The FHA (Federal Housing Administration) is primarily concerned with mortgage insurance and housing finance. The IRS (Internal Revenue Service) regulates tax implications but does not oversee the sale or regulation of variable annuities themselves. Thus, the SEC is the correct answer when it comes to the oversight of variable annuities as securities.