October 13, 2008
This move by the SEC, which by the way was complicit in bringing the world to the brink of financial collapse through careless disregard, is nothing but a bald grab for an excellent insurance product. Since variable products cannot hold a candle to the EIAs, this is a jealous and greedy grab to shut out the large number of insurance agents currently licensed to sell these products. The failure of the SEC to properly and responsibly oversee the product portfolio currently in its domain militates against allowing EI products ever to be included in the exclusive domain of that Commission. I trust this brazen and ham-handed grab for the money at the expense of the policyholders is totally unwarranted.
All the Best,
John D. Zeigler