July 31, 2008
You are taking away the life insurance agent's way of life. Indexed annuities are clearly not securities products and this rule seems to be just another way for the securities regulators to ensure that additional monies are channeld through the "grid." This doesn't even include the additional revenues to the securities departments for licensing, education, ect, ect.
I agree that there are frivolous agents in the industry that are giving the majority of our ethical agents a bad name. The state insurance departments have the ability to regulate the insurance carriers and enforce rules on these carriers that ammend these policies to the point that frivolous sales are minimized. They also have the power to not approve certain carriers and/or products in each of their states. The securities dept is not needed to accomplish these goals
My thoughts and opinions are shared by tens of thousands of agents and industry professionals alike. Do not pass this law