July 7, 2008
Please leave the Insurance Agents market the Indexed Annuity as it has been. This should not be a Securities Regulated product unless you regulate the mortgage brokers, the banks, and the realtors. A house is now an investment. That is how they are being marketed. Mr. Public does not understand his mortgage loan so maybe regulations and more regulations are needed. The public only understands when things are going well, regulate the rest.
I have had to study to pass my Series 7, 63, Life, Health, Annuities, and P&C. Continued my education and received the CLU designation. I have completed CE credits since their inception. Have been licensed in all the above for 20 years.
The security sector has their share of troubles. NASD has requirements on Reg. Reps to produce X amount of dollars or lose your license. Restrictions and regulations are hard on everyone. I see problems in “lunch Seminar selling”, what about the Firms here. We don’t need more regulation.
Thank you for hearing me and please again, leave the Insurance Industry be regulated as they are and keep the Indexed Annuities as they are.
L. Jean Hogue, CLU