October 14, 2008
To whom it may concern,
I have met and continue to meet the requirements needed to sell life insurance and annuities in my state. I do not see any advantage to reclassifying annuities as a security. As a matter of fact I see more disadvatages. The first being the rate cuts and returns the customer would incur by having another hand in the proverbial pie. The second being the loss of agent jobs. Many agents would not be able to pass a securities test nor would they want to. This would result in an additional loss of income taxes. At a time in our economy where taxes and jobs are extremely important, how does this make sense? The SEC and FINRA are not doing a very good job in regulating their own industry. How do they propose to regulate an industry they know nothing about and one that does not need fixing? Let's get off the greed train and try to do what is right for the consumer and the industry.