July 10, 2008
A change in the definition of indexed annuity and or equity index annuity is long overdue, especially in terms of requiring licensure beyond an insurance license.
I am required to hold a securities and insurance license in order to present any variable contract....the same requirements should encompass those who offer their equity indexed annuity to their unwitting clients.
More regulation for equity index annuity products and those who promote those products is of prime importance, not just to our industry but for the general public as well.