An Illinois bank last week charged in U.S. District Court that the state's insurance commissioner is improperly trying to keep the institution from selling annuities.

First National Bank and Trust Co., Carbondale, Ill., said in its complaint that the Supreme Court clearly gave banks the right to sell annuities in its 1995 Valic decision.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.