September 3, 2008
I am a licensed insurance agent that sells fixed annuities. Regulations that are proposed would not help consumers, because state of insurance departments already oversee and regulates sales procedures, if the SEC would take control of insurance product it would limit the ability of consumers from using an insurance agent that they know and trust. The biggest consumer losses are from dishonest registured representatives who are not subject to state insurance boards. There is already suitability forms which must be completed before any sale can take place. This would limit the choses the moderate income consumers would have since your registured brokers do not want to take care of blue collar americans becauses they can not make the big bucks they want. Please do not go forward with this plan it will hurt consumers and insurance agents like myself who want to do the best job for the people they serves.
thank you