A key state insurance legislator has suggested that big broker dealers may be partly to blame for some of the hostility aimed at variable annuities in recent years.
Ohio state Sen. Bob Hackett, R-London, Ohio, talked about that possibility in March, in Nashville, Tennessee, at a meeting of the National Council of Insurance Legislators’ Life Insurance & Financial Planning Committee.
NCOIL put a summary of Hackett’s remarks in a packet of materials for NCOIL’s next in-person meeting, which is set to start June 10, in Newport Beach, California.
Hackett is a life insurance agent. From 1983 through 1990, he was affiliated with units of Prudential Financial Inc. He now works as an advisor at Central Ohio Financial Management Group LLC.
At the Ohio state Senate, Hackett is chairman of the state Senate Insurance and Financial Institutions Committee.
At the Life & Financial Planning Committee session in March, Hackett described the annuity sales standards barrage as “somewhat of a fight between… all of the big broker-dealers vs. the insurance industry, as variable annuities are being targeted,” according to the draft minutes