Weighs in on financial reform
December 10, 2010 by Jean Toillion
To the editor:
The recently signed federal financial reform bill had a significant impact for Iowa’s insurance industry and rural Iowa.
A special thanks is owed to Iowa’s congressional delegation for including language that stopped an attempt by the U.S. Securities and Exchange Commission to regulate fixed indexed annuities, which offer guaranteed returns to investors.
The SEC wanted to require agents selling these products to get a special license, which would have been costly to firms that offer these products. Some companies might have chosen not to take on the burden of licensing their agents, which would mean consumers would see less access to fixed indexed annuities, especially in rural Iowa.
Consumers can rest assured they already have solid protections from state regulators without the SEC being involved. Rural Iowa is better off because of the vigilance of our elected officials in Congress.
Jean Toillion
Eagle Grove
