October 14, 2008
EIAs are FIXED annuities. They credit interest BASED on an index and are not securities.
They should not be considered in the same category as securities, therefore should NOT be regulated by the SEC.
EIAs are the one safe place for consumers to place their money and still have potential for growth. The SEC won't improve upon this nor has the SEC done anything to protect consumers in this latest market crash. So what's the point in pursuing savings vehicles?
Stock/mutual fund SALESMAN have already cost consumers untold billions. Now, you want everyone who writes EIAs to have the same "credentials" as those people? The "Series"
tests required of those salespeople, has done NOTHING to protect consumers. Requiring new licensing of agents will simply create more REGULATION and paperwork.
It's a bad idea, leave it alone already. The insurance industry is the ONE segment of our economy who's keeping IT together. It doesen't need the SEC. Concentrate your regulatory efforts where they are needed ... in securities
Where were you guys when you were NEEDED hint mortgage backed securities? Now you want to take one MORE in an arena you're not needed?