November 17, 2008
I have been in insurance industry since 1984 and have several thousand clients including over 700 who own fixed indexed annuities and who did not lose a dime from the market this year.
Contrary to your position that the market abounds with questionable sales practices I believe the vast majority of licensed agents do an examplary job in educating their clients on fixed products and then providing service to those clients and as demonstrated by the safety and protection these products offer that your attempt to bring them under SEC control is misguided.
In light of recent events please work on getting your own house in order and leave the fixed insurance related products where they belong under the control of the state insurance departments.
Roy P Laux