September 3, 2008
What possible motive does the SEC have in attempting to regulate fixed index annuities? Since these are clearly insurance products, which, at present, is the most heavily regulated industry in this country. Do insurance Companies control too much money, while banks and investment firms are failing and require Government bail-outs, because the SEC has failed to do their job? Where was the SEC in the Enron debacle, Bear Sterns, Fannie Freddie over-sight among others? And now want to regulate an already over-regulated insurance industry? They should have thought about the repeal of the Glass-Stegal Act first, before opening the discount window to investment banks. This is just another burden on tax payers that is unaffordable. Do they plan to remove the NAIC to cut costs? No more insurance agents selling annuities? Job losses? What gives?