July 30, 2008
It would appear that the SEC is truly overstepping its authority in attempting to regulate insurance products. Their particular focus on fixed annuities is particularly disturbing because of the apparent attempt to broaden their authority where it is not needed or wanted. No one has yet to prove that the state insurance have not done a good job in monitoring client complaints in these areas. one need look no farther than the state of Minnesota to see that aggressive action by the state has brought the appropriate sanctions against the companies investigated. Until it can be proved that the current system is insufflcient, then leave it alone and let it do its job.