October 17, 2008
The proposed rule 151a should be enacted. I meet with clients who have purchased indexed life insurance policies and indexed annuities who have no idea what they have purchased. I ran into one situation where the insurance agent hadn’t even explained that he was proposing an indexed product. Indexed products are very complicated and most insurance agents who are not licensed to sell securities have little or no understanding of what they are selling.
Bill Peckinpaugh
Peckinpaugh Financial Group