September 8, 2008
Having been in this business for 24 years and formerly a registered rep., I find it hard to believe that the S.E.C. can do a better job than the State of New Jersey and the insurance companies in policeing the annuity industry. We already have multiple page disclosure statements that clearly define the contract and must be signed by the client. This whole movement seems very rushed and would be better handled by the individual states perhaps adopting a 50 state disclosure form.Variable Annuity, Hedge fund and Mutual fund reform should come first as there is potential for substancial market loss to the client. Clean up this first and let the state insurance dept. do thier job. The state of New Jersey seems to be very diligent in protecting consumers. Thankyou