In September, Karlan Tucker of Tucker Advisory Group met with policymakers in Washington, D.C. about a financial product affecting seniors. The issue is a proposed federal takeover of the oversight of fixed index annuities and an expected reduction in the availability of these products for consumers.
"We sell important financial products that help consumers plan for their future, which is critical for retirees, but Washington is planning a regulatory takeover of the current state regulatory system that works just fine as is," said Tucker. "The likely result is less availability of annuities for seniors, confusion about their strong safety record, and higher consumer costs. This plan by the Security and Exchange Commission is a problem needing to be fixed, and I'm not going to stand idly by."
Tucker met with offices of the Colorado congressional delegation and other key officials. Other business representatives from around the country joined him.
Traditionally, insurance products, including fixed index annuities, are regulated by state insurance commissioners. The SEC now proposes to take over regulation of fixed index annuities, even though the U.S. Supreme Court, Congress and the SEC itself have said they are not securities.
