November 13, 2008
Dear Sirs:
I am writing to encourage you to continue press for SEC regulation of indexed annuities. I appreciate that there is much pressure from the insurance industry to avoid this oversight. However, given the fairly consistent and serious problems that, in fact, exist now regarding abusive sales to seniors and indexed annuities in particular, it would seem that, if the insurance industry intended to regulate and supervise these sales, they would be doing so right now!
In addition, the insurance industry is so fractured along state lines that is would seem logical that there be a nationwide standard which could best be regulated by the SEC at the national level.
Our country and the world economy are still experiencing the tragic results of lack of supervision and inconsistent regulation throughout the banking, mortgage, securities and insurance industries. It seems reasonable to include the indexed annuities issue in the more far reaching regulations that are being evaluated and will be implemented in the coming months and years. I feel a seamless standard of ethics and regulation is clearly in the consumer’s best interest, and in the long run, they are also in the best interest of the insurance industry, too.
Thank you for your consideration of these thoughts
Diane R. Maloney, CFP®
Registered Securities Principal
Commonwealth Financial Network