WASHINGTON–The Independent Insurance Agents and Brokers of America has lashed out against a Securities and Exchange Commission proposal to regulate equity indexed annuities and securities as “unwarranted and counterproductive.”
The IIABA also said in a comment it filed with the SEC that in proposing federal oversight of EIAs the agency did not keep in mind the potential problems it would create for licensed insurance agents, who would be forced to associate with broker-dealers and get a securities license in order to keep selling them.
Charles Symington, IIABA senior vice president of government affairs, said “as with nearly every type of financial services product, there have been examples of troubling sales practices,” which was the justification the SEC and FINRA [Financial Industry Regulatory Authority] gave for seeking to impose federal oversight on sale of EIAs.
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