A Florida Life Insurance Decision Is Made: Part I

A federal appeals court has chosen to overturn Rule 151A and side with insurance agents rather than federal regulators regarding indexed annuities in Florida. This affects insurance agents  and indexed annuity sales all over the USA.

It is no secret that the finance industry hasn’t been thriving during the economic crisis. It was due in part to this that Phillip Wasserman, a Florida life insurance agent, could not grasp why the U.S. Securities and Exchange Commission wanted to handle indexed annuities like securities by regulating them.

“I chose to get involved on behalf of everyone at my own expense, because the SEC was worried about a fixed insurance product that was safe and already well-regulated by the states,” said Wasserman, president of Phillip Roy Financial Consultants. Indexed annuities have long been sold through insurance companies, and are therefore not under the control of the SEC.

Stay tuned for more on this news Thursday!