August 24, 2010
I gave up my 6 and 63 license last year. The compliance issue, potential fines of wrong doing, and cost of our EO insurance was just too much to continue. And to think I had had my license for 20 years.
If you review the fines by SEC, they ususaly start out at $25,000 and go upward. If you only produce a small amount of income from security business, then the potential fines are enough to make an agent surrender their license.
That's what I did in 2008 with Allstate due to the increased liability and cost of the license.
And now your going to add another layer of compliance with a "best interest" rules to consider. Since an exact definition of "best interest" is NOT defined in the Act, then why would anyone keep their license with such a great potential liability hanging out there?