July 3, 2008
What will happen to the business of marketing securities, if you pass regulation 151a? There are a lot of insurance agents who are capable of being securities licensed. Imagine those agents, still selling Fixed Index Annuities, but with more credibility. The market may become less profitable for existing securities agents. The dealers and banks will still have to compete with FIAs.
Who are you commissioned to protect? Securities provide the chance of reward for risk. Insurance provides safety. Our state Insurance Commissioners protect the public.
This year, I purposely did not renew my Series 6 and 63 licenses. I am an insurance agent.