July 18, 2008
1) The proper supervision needed for traditional fixed annuities, indexed annuities, and life insurance can be, and is being, performed according to state insurance dept. rules and therfore does not need SEC supervision.
2) Indexed annuities are risk-adverse savings vehicles and are NOT high-risk investment products where a consumer can lose his or her principal.
3) Indexed annuities offer consumers important protections, namely: (1)the guarantee of premiums paid and (2)guarantee of interest credited.
4) Indexed annuities provide underlying interest guarantees required by state law.
5) Sales practices and suitability safeguards needed for index annuities are the same safeguards needed for all life and annuity products.
6) The proposed SEC's rule would give Broker/Dealers the ability to suppress a viable, valuable, and successfull form of retirement savings which has and would continue to provide strong competition to those savings offerings traditionally made by Broker/Dealers.