November 3, 2008
I SUPPORT the regulation of index annuities by the SEC.
Index annuities are being abused by sellers in many states.
Sellers need proper training and licensing to benefit clients.
If performance is tied to a security, then the seller should have a security license.
State insurance regulators have not done a proper job to police the sellers and the products to the detriment of clients, mostly seniors.
Regulation by the SEC will certainly help clean up the index annuity abuses.