September 3, 2008
I strongly oppose the SECS' Proposed Rule 151A.
I am an independent insurance agent. I recommend a Fixed Index Annuity only after the Suitability suits my clients financial needs. My clients want a safe savings vehicle without the risk of loosing their principal. They do not want their money at risk.
A Fixed Index Annuity offers safety of principal. The Insurance Company assumes the risk, not the consumer. The only time my clients can loose money is if they take out more than the free withdrawal allows them, or if the policy is surrendered. I give my clients full and fair disclosure on the products.
I am regulated by the States Department of Insurance Commission. It seems counterproductive, and redundant to be regulated by the SEC too.
I see no need to go through the time and expense of obtaining my securities license when I do not wish to sell securities. I like knowing that my clients cannot loose their principal.
Please stop this proposed rule from going into effect. It will hurt, not benefit the consumers, or agents like myself. It will be costly, and counterproductive for everyone involved.