September 8, 2008
I have been in the securities and insurance business since 1986,and feel that rule 151A should be revised so that most fixed index annuities are not regulated by the SEC.
I believe that the basic concepts of the fixed index annuity are sound and it is not a security. There is no stock market risk involved with these insurance policies. Many insureds have benefited from them and are happy with them.
The problems lie with these products being sold to inappropriate insureds and with the salespeople who are misrepresenting them to the public. The states need to take a much more aggressive role in overseeing these products and how they are distributed.
Thank you for reviewing my comment.
Stephen Graff, Agent