This section contains the nature of the case and procedural background.

P brought this action to enjoin D from offering their variable annuity contracts to the public without registering them under the Securities Act of 1933, 48 Stat. 74, 15 U. S. C. § 77a, and complying with the Investment Company Act of 1940, 54 Stat. 789, 15 U. S. C. § 80a. The variable annuities required the owners to make payments based on mortality predictions stated in the contracts. D was heavily regulated under the insurance laws of the District of Columbia and other states, which meant D was exempt from regulation by Congress under the McCarran-Ferguson Act. P examined the variable annuity contracts and determined they were not insurance contracts and were thus subject to P’s regulation. The District Court denied relief, and the Court of Appeals affirmed. The Supreme Court granted certiorari.

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