What You Can Do To Help

Voice your concerns to: SEC - Congress

"Voice your concerns to your insurance commissioner

Step One:

CLICK HERE to obtain your state's insurance commissioner's contact information

Step Two:

 

Sample letter to your insurance commissioner

Dear Director of Insurance (commissioner’s name here):

RE: SEC Ruling 151A

The Securities and Exchange Commission (SEC) is proposing a rule now known as 151A that if adopted, would make Fixed Indexed Annuities a registered security.

As a citizen and a licensed insurance agent, I am concerned that securitizing annuities will impose unnecessary costs and will reduce competition in the insurance industry. As an American concerned about my own retirement, I would rather have more conservative options with my retirement resources with safe money options like Fixed Indexed Annuities.

I would ask that you consider supporting your peers that oppose this proposal, Susan Voss, Iowa Insurance Commissioner and Maryland insurance commissioner Ralph S. Tyler who was quoted by Andrew Ackerman at www.bondbuyer.com on April 1, 2008:

“The question of the proper balance between federal and state regulation of insurance is an important one. Fundamental change of a system that has, overall, worked well should be approached with care. The states play a critical consumer protection role and that must be preserved. A huge Washington agency is likely to be less responsive to the complaints of Maryland consumers than the current state agency.”

Based on recent news concerning the SEC, their consumer protection rationale has no real substance. The SEC’s primary focus should remain ensuring the integrity and transparency of the public securities markets. There are abuses in the marketing of all financial products including many that are already regulated by the SEC.

The SEC’s proposed Rule 151A will have far-reaching consequences by disrupting the manner in which these products are sold today, causing confusion over the differences between insurance versus securities, and ultimately providing little additional consumer protection at tremendous cost to companies, agents, and ultimately consumers.

I would ask that you oppose this SEC proposed ruling 151A on behalf of all Americans who looking for less costly, more secure and guaranteed retirement options.


The goal of www.sec151a.com is to create a unified and powerful response mechanism to address this important issue that affects all Indexed annuity agents, agencies, wholesalers and insurance companies.

By registering with this site, you will receive notification when more information is available.