Fixed Annuities are interesting in that they do not charge fees per se, although the costs associated with obtaining the annuity, such as commissions, are reflected in the numerical guarantees that the contract provides as well as the surrender charges that are only levied if a policy holder prematurely cancels the contract or withdraws more than their annual liquidity privilege (usually 10%). So you could say that the fees are hidden in a fixed annuity, although not deliberatively. They are simply built into the product itself, perhaps like buying a vehicle.
At no time will your premium payment ever reflect a sales charge or fee in a fixed annuity. In fact, 100% of your premium earns the contractually guaranteed rate of return, whether that be an annually declared rate of return, or a multi - year guaranteed rate of return.
This begs a question: do annuity providers get a free ride regarding disclosure of sales charges?
Since fixed annuity products are considered low, (or no) risk, the regulatory requirements for the annuity industry, both within and without, are less severe than what is required from the SEC for securities products (authors opinion).