September 2, 2008
I would like to let it be known on my oppostion to SEC proposal 33-8933. Fixed Index Annuities are already regulated by the NAIC and the disclosure and suitability requirements we go through with each client is extensive. Our FIA's offer zero risk to deposits and interest. These are not securities nor are they marketed as such. I feel that this whole thing came about because of our clients transferring monies away from the brokerage industry into safe reliable products which insurance carriers offer. I know many a client who has lost substantial amounts of funds with stockbrokers and are quite upset. We are there to pick up the pieces and guarantee the clients financial future. Adding this layer of the federal government to a subject that is already adequately covered through the NAIC is simply a waste of time and resources. Why don't you spend that time and money and teach brokers that the world does not evolve around them and insurance agents do serve a purpose in a client's financial picture as well.
Thank you, Greg Thompson