September 10, 2008
COMMENTS THIS LEGISLATION WOULD HAVE A DEVASTATING EFFECT ON THE THOUSANDS OF PROFESSIONAL AGENTS AND FINANCIAL ADVISORS WHO WORK WITH THESE PRODUCTS. THERE IS NO VALID REASON FOR THIS SINCE THE PRINCIPLE OF THESE FIXED PRODUCTS ARE PROTECTED THEREFORE THERE IS NO RISK VALUE SUCH AS THOSE INVOLVED WITH CURRENT SECURITIES PRODUCTS. THE SENIOR POPULATION HAS SO MUCH IN PLACE ALREADY TO PROTECT THEIR INTERESTS REGARDING ALL THESE TYPES OF PRODUCTS AND INVESTMENTS, AS WELL AS THE INSURANCE COMMISSION HOLDS LICENSED AGENTS ACCOUNTABLY THROUGH THEIR INTERNAL PROCESS. I BELIEVE THIS WOULD BE AN UNPRODUCTIVE AND UNNECESSARY CHANGE FOR THE CLIENTS AS WELL AS AGENTS.