It appears that a combination of strong industry response and the changing tides of election season may have helped change the course of this year’s biggest pre-economic meltdown controversy in the financial services sector: SEC Ruling 151A.
In coverage of the still-developing story, this December’s issue of Senior Market Advisor includes an interview with Jim Mumford, first deputy insurance commissioner with the State of Iowa’s insurance division.
Mumford, a strong advocate of state-level (and state-initiated) regulations regarding the industry, suitability and better products for seniors, says that the SEC’s recent decision to extend its commentary period on the 151A proposal mirrors the groundswell movement against the legislation.