September 4, 2008
As some one who has been in the finacial service business I am astounded that the SEC whould try to take charge of non Vul indexed life or annuity products. I have sold both Insurance based products that have no over sight by the SEC and products with oversite by them. Let me tell you that in 37 years of doing this I have never seen anyone lose money other than the rare exception when they with draw their proceeds early. On the other hand time after time I see people who buy risk based products lose their shirts. Why wreck something that is working to give it over to the SEC who needs to be doing their job monitoring the mortgage backed securities.The indexed annuities are a great way for clients to get a better than average rate of return with little or no loss of principal. By forcing 10's of thousands of agents to be securitiy licensed is nothing about protecting the public. Its about all the special intrests. The same ones backing and bundinling mortage backed securities make more money. WE and the pubolic don't need to bail them out Thank you MIchael Dysart