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Spicuzza

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U.S. House Bill H.R.2733

 

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To clarify the exemption for certain annuity contracts and insurance policies from Federal regulation under the Securities Act of 1933 introduced by Meeks on 4 June. 

 2(a)(3) Adoption of Rule 151A...harms the insurance industry, reduces competition, restricts consumer choice, creates...excessive regulatory burdens, and diverts Commission resources, all of which outweighs any perceived benefits.  

4. Rule 151A promulgated by the Securities and Exchange Commission and entitled ‘Indexed Annuities and Certain Other Insurance Contracts’, 74 Fed. Reg. 3138 (January 16, 2009), shall have no force or effect. 

Referred to the House Committee on Financial Services 

 

The SEC needs to keep its snot nose out of the insurance business as they wouldn't know risk management if they had a mouth full of it.

 

They should concentrate on the Bernard Madoff's of Wall St. and stop obsessing over contractually guaranteed insurance contracts.

 

 

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Gary D. Spicuzza,
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The Trust Group
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