From: Vern Wilson
August 5, 2005
Jonathan G. Katz
I urge you to NOT approve proposed NASD rule imposing specific suitability requirements on Deferred Variable Annuities.
As a very seasoned insurance/financial professional, I would find any additional rules clearly redundant. There are now sufficient suitability requirements in place to regulate the sale of these products. My contention is that a vast majority of those sales deemed "unsuitable" are made by "second guessers" with an axe to grind - or by buyers chagrined by a return less than they had "visualized". I challenge anyone to contact my client base and locate a person who, even today, would declare his purchase "unsuitable" for his situation.
I still contend that any "abusers" out there can be properly regulated by existing rules. We do not need anything additional.
Vern Wilson, Jr., CLU