August 5, 2008
Please let the insurance industry monitor/regulate itself.
The equities industry has no business trying to do it.
They need to spend their time cleaning up the "thuds" representing the equity products instead on looking else where to take the "heat" off of them. To be a equity product, the consumer gives you money to invest in particular/specific equities with the intent of making a profit. That is not the situation with fixed annuities.
You cannot lose the principal or interest once it is credited. Get Real Equities sales people want to control "our" market because their's has gone to "Hell-in-a-hand basket". When the market was doing great, why was this not mentioned then. You, me and everyone else knows why. When the equities Guys are collecting their fees on a regular basis, no one wants to make the any noise about the cost of that. We, the fixed insurance agents, do not do this type of things. Sure the industry needs some cleaning up. But the industry is perfectly capable of it
w/o the SEC getting involved. Clean up your own back yard and see if you have time to deal other industries.