November 17, 2008
-The recent meltdown of the market and tremendous loss of retirement money is a potent reminder of the difference between investments and insurance products and the difference between investment risk and guarantees.
Insurance products with guarantees and the capital reserves to back them have clearly protected the contract holders of the these products. The state regulatory agencies that govern these insurance companies and their products have once again done a great service of protecting annuity contract holders from loss.
In my opinion it would a loss to the consumers and retirees who are looking for safety to move any governance of guraranteed insurance products to the SEC.