August 7, 2008
S7-14-08 I AM AN INDEPENDENT INSURANCE AGENT, AND HAVE BEEN SINCE 1978. IN ADDITION I WAS A REGISTERED REPRESENTATIVE FROM 1978 - 2002. FINALLY FROM 1988 UNTIL 2005 I WAS A CERTIFIED FINANCIAL PLANNER.
I OPPOSE THE PASSAGE OF THE RULING S7-14-08. DURING MY CAREER OF OVER 30 YEARS THE ONLY VIOLATIONS THAT I HAVE SEEN AS A MANAGER AND AGENT BY OTHER SALESPERSONS IN THE FINANCIAL FIELD HAS BEEN BY REGISTERED REPRESENTATIVES AND STOCK BROKERS. APPARENTLY BEING SECURITY ORIENTED DOES NOT MEAN ANYTHING TO MANY SALESPERSONS.
THE FIXED INDEX ANNUITY IS NOT A SECURITY. THE CONTRACT FOR THE PRODUCT, THE SUITABILITY FORMS, AND THE SALES MATERIAL DOES NOT STATE THAT IT IS A SECURITY. ADDING A SECURITY LICENSE REQUIREMENT WILL ONLY LESSEN THE FINE JOB THAT INSURANCE AGENTS ARE DOING IN PROVIDING A SAFE HAVEN FOR THOSE ASSETS THAT INDIVIDUALS CANNOT/DO NOT WANT TO LOSE BY THE USE OF A FIXED INDEX ANNUITY.
THE INSURANCE INDUSTRY CAN MANAGE IT'S PRODUCTS FOR SUITABILITY THRU THE COMPANIES THAT PROVIDE THE SERVICE, AND THE INSURANCE COMMISSIONERS OF EACH STATE.