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Tucker Advisory Group CEO Travels to Washington, D.C. to Address a Key Financial Product Issue for Consumers

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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.

Many groups, including state insurance commissioners, members of Congress, small businesses, insurers and financial services associations, have opposed this change of longstanding policy, especially without careful study of its impact and legal implications.

Fixed index annuities guarantee income and accumulated minimum interest, a very desirable process for seniors and those planning for retirement, and a characteristic of insurance products. These annuities provide benefits from positive market changes but protection against market downswings which securities typically do not offer. Fixed index annuities also help make sure that people’s accumulated wealth will be passed on to their loved ones.

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