August 27, 2008
Dear Sirs:
This email is for the purpose of registering my dissent for the Proposed Rule 151A of the SEC to make Annuities a security.
There are so many objections to the Proposed Rule that it is hard to begin.
But, to name just a few:
- Safe harbor rules go out the window;
- Regulating fixed annuities when there is no market risk makes no sense whatsoever;
- The new rule appears to go against all precedent and also appears to be a power play by the SEC to have all insurance representatives/agents pulled under their wing consequently raising more annual fees for the SEC; and I for one, am currently letting my securities licenses expire because of all of the red tape and increase in fees by the SEC;
- The SEC is creating an unnecessary layer of bureaucracy that is totally out of line; and
- I will never understand how an annuity isn't an insurance product.
Ron DiZinno
Insurance Representative
As an independent agent who has been in this business for almost 40 years, I really protest any more bureaucratic paperwork/procedures than we currently have. It used to be that a one page application was all that was necessary for an annuity contract. Now, it is one-half hours paperwork.