October 21, 2008
The proposed rule, wherein indexed annuities would be classified as a security, and as such come under the supervision of the SEC, is breathtaking in its audacity.
As recent events have demonstrated, the SEC has been unable to protect consumers from the occupants of its own jurisdictional house. I own both securities products and index annuities to properly balance my portfolio thank God I have an index annuity to protect some of my money.
Your description of index annuities on your own website is shamelessly misleading and deceptive. Consumers owning these products are in much better shape today than those with most of their assets in the securities world, whether they "buy and hold" or not.
Although I am an idealist, the SEC's motives leave me cynical and cold. I doubt your motives are driven by consumer protection. If index annuities hadn't enjoyed the growth they had over the previous decade, this conversation would not be taking place.
Leave insurance products to be supervised by people who understand them. The SEC has been asleep at their own switch. Why should you watch another?