November 15, 2008
I have sold some equity indexed annuities in situations where I believed the product to be suitable. I am very familiar with the abuses of sales of these products in unsuitable situations. I am aware of some agents aggressively selling the products who are not securities licensed due to expulsion from the securities industry. The products are often sold as alternatives to securities products and are most commonly funded by the sale of mutual funds or variable annuities. I am sure that the insurance industry is mounting a huge campaign against this rule. I believe that it is in the best interests of every party concerned that the products be regulated as securities.
Daniel L. Prosser, CFP
Prosser Financial Group, LLC