November 13, 2008

Subject: Rule in Jeopardy s7-14-08

I have, personally, several clients who have been scammed or hustled by these practices. I have also personally been told by one of the ‘distributor organizations’ it did not matter where I ‘signed up’ as an agent ‘because I would never meet the “Principals” of the firm because they were so far up the chain that my specific appointment was obscure. This Firm was sanctioned by the State of Iowa Department of Securities, a division of the Iowa Insurance Commissioner’s oversight. I have worked with the State of Iowa Enforcement Agent who was a part of this investigation. My clients offered to participate in the sting operation of these ‘Free Lunches.’

I also attended the WI FPA meeting when our own Securities Commissioner told of the Nation-wide concern about these illicit practices of the annuity companies and were, as a group, taking strong actions to stop the abuse. Since so many States’ Insurance Commissioner may be the Securities enforcer, I felt good about her insistence that they were working in concert on this problem. (She even stated how Florida officials and insurance agents and companies were so worried that is the ‘free lunch’ marketing practice was outlawed that Floridians attending would have ‘ no where to have lunch ( or dinner!) ‘Free Lunches’ marketing practices have been outlawed in Wisconsin.

May I suggest that you get on board with the Obama Transition Team and get something going to stop this roll back!

How may we help…forward this to our Congresspersons?

Jan K. Foval
Sun Prairie, WI