July 16, 2008
I am a consumer with an index annuity and my agent is my brother. I'm retired and living on a pension and excess income from my savings. I turned to using a equity index annuity for mainly safety of principal. I fully understand the pros and cons, including access to my money and surrender periods. I understand the agent makes a commission, and why shouldn't he, especially if it does not come from my original investment.
The fact that the SEC is proposing the change will dramtically effect many comsumers like myself from having the ability to put our money in safe places. It will limit our choices.
With all that is going on in the economy, with auction rate securities to the mortgage crisis, I would suspect that the SEC should be putting their resources to better and more productive use. Leave the EIA as a safe product, and not a security.
thank you for your time.