On January 8, 2009, the SEC adopted as a final rule, Rule 151A of the Securities Act of 1933, which would define indexed annuities as securities, falling under the jurisdiction of the SEC, unless they fall within an exemption for products regulated under insurance laws. You can find the text of the SEC's release # 33-8996 approving the rule at their website here.
As you might imagine, this rule has not pleased many insurance companies, who are the issuers of these products. Last week, several insurers banded together in a lawsuit against the SEC to stop the implementation of the rule because, among other reasons, the SEC overstepped its bounds in promulgating the rule. Read more about the suit here and here.