November 22, 2008
Dear Sirs:
I know the comment period is over, but I'm hoping someone is still monitoring this email address.
I was in the insurance industry for over 15 years, got out of insurance, and am just now getting licensed again. I began selling insurance when all we sold was whole life and term, and tax-deferred fixed annuities. Simple and straight forward.
One of the reasons I got out of the insurance business in the mid-nineties was the increasingly complex nature of the products offered, with little or no thought given to the benefit, or lack thereof, to the consumer. Unfortunately, I'm seeing that mindset still prevalent in the insurance industry.
I'm strongly in favor of treating an indexed annuity in much the same way any security product is treated, with substantially the same disclosure requirements. It would also seem logical to me that any producer selling such products be required to be licensed to sell securities, the same as an agent selling variable products is registered with the SEC. That would mean a Series 6 and 63 registration, if things are the same now as when I left the industry.
Thanks for reading this.
Regards,
George Flach
Leechburg, PA