July 10, 2008
Its so unfortunate that we as an industry and the practices of some of those out there has forced additional protection for the consumer. Because consumers are being hurt by the industry this type of regulation appears important. Though these index annuities are not truly a security product, and this regulation does not guarantee that the unethical practices will stop by our counterparts, it may help. With more compliance and overview, it is possible that our seniors may see a reduction in the advantage being taken of them by a sector of our industry. I also believe those of us who are doing the ethical thing for our customers may not be so afraid of such regulation. While normally I am not a fan of further regulation, the senior sector is being pried upon and a strong effort to protect them is very important.