September 3, 2008
I believe that adopting this proposed rule would have a negative impact, not only to insurance companies and agents, but to the consumers as well. A vast majority of annuity owners purchase because they are leery of the stock market, and are trying to save the retirement capital.
I believe that the regulations that are in place with the states insurance department are adequate,and the companies responsible following the disclosure regulation and suitability reviews as mandated. Requiring the sale of fixed indexed annuities to be licensed broker-dealers, rather than insurance agents, would remove this savings tool from the majority of the consumer public. This is why I am asking the SEC not to adopt this rule. To leave the fixed indexed annuity sales market as it is now.