November 14, 2008
What exactly is the SEC's motivation to declare an insurance product, clearky NOT invested in any stock related market, a security?
-It does not meet the definition of a security
-It does not serve to further protect any consumer
-It does not foster business growth among the private sector
What then does it do?
-it does further regulate an already highly regulated industry
-it does remove competititive obstacle from SEC constituency
-it does reduce consumer protection and savings options.
Is this worth it just so the SEC can gain some level of seni-control over the insurance industry?
Honestly, gentlemen.