Iowa to shed light on sources of insurance funding
May 31, 2011 by Darla Mercado
In a move that could affect the sales of securities and insurance in the state, Iowa’s insurance regulator this week is expected to issue guidance on how far insurance agents and brokers can go in advising clients on the suitable sources of funds for insurance products.
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“This is a way for the securities industry to gain control of the insurance industry through a back door,” said Sheryl Moore, president of Advantage Group Associates Inc. She believes that the issue could be bigger than Rule 151A, which sought to place indexed annuities under the Securities and Exchange Commission’s jurisdiction.
“It’s more of a licensure issue than a product issue and, in my eyes, a smart move from the securities side,” Ms. Moore said.