Who Governs Annuities? 
If youre asking about all annuities , then here are two governing bodies for variable annuities : FINRA and the Department of Insurance . Variable products like variable annuities are registered products and come under the oversight of FINRAs jurisdiction . But because it is an annuity insurance product as well it falls under the department of insurance . Non FINRA annuities are governed by the Department of Insurance in each state . 