Iowa responsible for regulation
Jim Van Fossen The Quad-City Times | Posted: Friday, September 3, 2010 2:00 am |
Insurance firms all over Iowa breathed a sigh of relief when the federal financial reform bill ruled out regulation of fixed indexed annuities by the U.S. Securities and Exchange Commission.
Regulation of these insurance products has long been the domain of state insurance commissioners. The SEC had tried to make the oversight of fixed indexed annuities their responsibility. The agency wanted to require that these guaranteed products be sold by registered brokers rather than the insurance agents who traditionally have sold them. That would have been a hardship for small businesses that could not afford the costs of registering their agents.
Let regulation stay with state insurance regulators, who have a history of strong oversight of fixed indexed annuities.
Jim Van Fossen
Former state representative
Davenport
Originally Posted at Quad-City Times on September 3, 2010 by Jim Van Fossen.
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