1959 - LC - 91. SEC v. Variable Annuity Life Ins. Co., 359 U.S. 65 (1959) (Brennan, J., concurring).
The Court in Variable Annuity Life Ins. Co. stated:

• At the core of the 1933 Act are the requirements of a registration statement and prospectus to be used in connection with the issuance of "securities"....
• The emphasis is on disclosure; the philosophy of the Act is that full disclosure of the details of the enterprise in which the investor is to put his money should be made so that he can intelligently appraise the risks involved.
• The regulation of life insurance and annuities by the States ... proceeds, on entirely different principles .... The system does not depend on disclosure .... [The] congressional division of regulatory functions is rational and purposeful in the case of a traditional life insurance or annuity policy, where the obligations of the company were measured in fixed-dollar terms and where the investor could not be said, in any meaningful sense, to be a sharer in the investment experience of the company.

1985 - LR - Functional Regulation: Looking Ahead - 25p