August 27, 2008
As a licensed insurance agent, I attended a training several years ago produced by a California marketing group that unofficially recommended that agents drop their securities registration so that their sales of indexed annuities would only be overseen by state regulators.
Insurance industry representatives claim sales abuses have been curbed, yet I still encounter seniors saddled with terrible indexed contracts.
I support the SEC's move to place indexed annuities under their supervision.