Subject: S7-14-08

August 27, 2008

I am writing to express my opinion on proposed SEC rule 151A. I strongly disagree with the SEC in the fact that EIA products should be registered as securities. I being a registered rep holding my required securities license disagree that indexed annuities are or should ever be considered a security. Annuities issued to a policy holder by a state regulated company with a fixed minimum guarantee are not placing any risk on the policy holder. A policy holder has guarantees that principal and prior year credited interest will never be lost due to market fluctuations. How these fixed products fall into the category of a security related product is beyond me? I am urging that for the protection of the policy holders, insurance agents and insurance companies the SEC reconsider its proposal and do what is right for the industry. The growth of these EIA contracts in the financial planning industry has raised some concerns. My question is, are the concerns for the benefit of policy holders or are they concerns for the benefit of the SEC and FINRA? The rising dollar amount being used by these EIA accounts is not currently financing anything for the SEC or FINRA? I guess it would be nice for their bottom line to have another $123 billion dollars under their scrutiny. I strongly believe that the SEC and FINRA must become more educated on these types of products before any unnecessary action take place. To this day I do not believe either of them are fully aware of how these types of accounts operate. Until this happens I do not believe the right decision can be made.

Brian

Brian Dobbins
Tax Advisor ~ Retirement Consultant
Dobbins Financial