August 21, 2008
I am glad to see the SEC is finally recognizing that index annuities should fall under securities regulation. I strongly believe that most consumers who purchase these products do not fully understand index annuities. In fact, I believe many insurance agents don't fully understand the product.
I hear far too many radio commercials that are deceptive in the way they promote index annuities. The insurance industry has done a very poor job of regulating index annuities. Moving forward with this proposal is the right thing to do for the consumer.