November 17, 2008
To Whom It May Concern:
I am a member of FPA and have been in the securities and insurance business since 1981. I back the SEC having oversight (along with insurance commissioners) on the sale of equity indexed annuities. These products, unfortunately, are being abused with half truths, manipulation and fear tactics. Many consumers are sold the products with little understanding of their inner workings, only to find out too late how they really work. I recently had one client just receive back from an insurance company her initial deposit due to unscrupulous sales tactics. If the sales person is fully explaining the product and selling it to the correct client, they should have no problem with the SEC’s oversight.
Thank you.