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Our Work is not Done
12/20/08

We live in anxious times. NAFA wants you to know that we have not and will not waiver from our right and justified position that:

It is important that you, those who believe in the value proposition of fixed indexed annuities, stay the course and support our ongoing activities. When the SEC used the flimsy and self-indulgent excuse of “investor protection” for over-reaching their Congressional charge and ignoring multiple court rulings, there is nothing to stop them from invoking more arbitrary and capricious rationale for other, and perhaps all, insurance products.

NAFA is currently reviewing its many courses of action and weighing the pros and cons of each. NAFA’s Premier Partners, comprised of the nation’s leading carriers, insurance marketers and consultants, are supporting the association’s activities though their generous contributions of human and financial resources.

However, we cannot simply fight to reverse the decision. We must and will continue our work on sales and product suitability requirements, industry supervision, disclosure and agent training.

NAFA’s Board of Directors, Market Conduct Task Force, Insurance Marketers Advisory Council and Government Relations Committee will continue the work they have already begun. NAFA continues to be engaged and focused on all of these import issues and each group enjoys the participation of carrier employees, insurance marketers, and industry consultants who all bring unique expertise and insight. NAFA will utilize the work from these groups and continue its efforts with the NAIC, NAILBA, NAIFA, individual state regulators and other industry associations to help develop the standards and oversight to ensure the suitable sales of fixed annuities to all Americans, especially seniors.

The gun has now gone off and the real race has begun. All of our preparation (training) and discipline (legal analysis) will pay off. For the future, NAFA will continue to be a driving force in directing all fixed annuity issues; including indexed, declared and immediate. The insurance industry has accomplished so much already and has much work left to do with more than enough time to do it. Please stay engaged, stay focused and stay involved. With your support and action, WE WILL PREVAIL and keep all fixed annuities more accessible through a choice of distribution channels and licensing disciplines.

Sincerely,

Executive Director

 

NAFA was created to provide training, education and foster better understanding of fixed annuities including declared-rate, index and payout. It is the only independent, non-profit organization dedicated exclusively to the education and promotion of these unique insurance products.

Kim O'Brien
Executive Director
2300 E Kensington Blvd
Milwaukee, WI 53211

414-332-9306
415-946-3532 (fax)
kim@nafa.us

NAFA * 2300 E. Kensington Blvd * Milwaukee, WI 53211 * 888-884-NAFA
NAFA is the National Association for Fixed Annuities. NAFA was created to foster a better understanding of all fixed annuities, regardless of interest creditin strategies. It is the only independent, non-profit organization dedicated solely to the promotion and preservation of these unique products. Permission to distribute and/or reproduce this document for NAFA members may be given upon request. Any unauthorized distribution is strictly prohibited.



Last Updated: 12/29/2008 11:08:00 AM