September 2, 2008
The proposed rule is not necessary, and will increase cost to the consumer, and all tax payers without any substantial benefit to annuity owners.
Indexed annuities are already regulated at the state level, offer guarantees and have no risk of loss. Unlike SEC regulated securities that almost always include risk.
State Insurance Commissioners are already providing regulation and supervision of products available in their state.
Securities regulation will just increase the overwhelming red tape being generated by the SEC.
Bad Idea.
Mark Wilcox