From: Mike Holmes
Sent: Wednesday, August 27, 2008
To: Rule-Comments
Cc: 'JACK'; 'Larry Magill'; govtalk; Elmo
Subject: SEC Indexed Annuities Proposed Travesty?

From: Larry Magill
Sent: Wednesday, July 23, 2008
To: Mike Holmes
To the SEC rules committee:

Please read my comments below and let me know how you can still propose indexed annuities coming under the SEC regulators when we in the life insurance business have had pretty good success in governing our own. I think that we can do some more things to make sure that the customer gets his best, safest product. Nothing is fool proof. We can only keep working out the details for our constituents to improve on. Please reconsider this “jumping out of the frying pan into the fire mentality”. Larry McGill is our current KAIA (Kansas Association of Independent Agents) president and he is willing to work on compromises won’t you?

Thanks,

Mike Holmes

Rank and file agent without a securities lisc. Just 30 years of experience in the life insurance sales arena..part time marriage counselor, and many other financial common sense advisor positions. ( I am not qualified nor am I getting paid for that)

Cc: JACK; Kerri Spielman; Kent Anthony (E-mail)
Subject: RE: Independant Black Eyes

Thanks for the offer Mike. We may set up a network of agents that really care about these products to act as our advisory council and we'll include you and Jack.

-----Original Message-----
From: Mike Holmes
Sent: Wednesday, July 23, 2008
To: Larry Magill
Cc: 'JACK'
Subject: RE: Independant Black Eyes

Larry,

As you know there are many products out there and many companies. I am not quite certain how you would go about limiting that. Maybe as an association we could endorse the products with these limitations and have the consumer , companies, and agents realize where our association stands and spell out some good basic parameters for them to know what we as an association expect a level playing field should be.

There are several dynamics going on here and maybe you could find the KAIA in a great place to help. Congress is looking at some bills being pushed by the Securities Exchange Commission trying to get the life licensed agents out of the picture because they are losing business to them. Most of the atrocities and law suits are coming on the Variable Indexed Annuities not on the regular Indexed Annuities the average agent is selling anyway. SEC licensed agents are only trying to stir up trouble because they are losing business to the rank and file agent that does not have this license. They do not realize that the guys that they are targeting would just go out and get a SEC license and then be right beside them anyway.

The Indexed Annuity that I sell occasionally to seniors that are aware of why they are buying it and what they are going to do with it is a very good financial tool. The problem we are having is with some of these firms that are doing mass marketing and maybe not paying attention to detail for the customer. If the playing field shifts and the rank and file agent is precluded from selling this product and all of a sudden we are not in a position to help our customer any more that would be a tragedy. The other “individuals and entities” who prey on the seniors in mass droves without any great concern to their preferred use of funds in any way would hurt us all. If the Indexed annuity was put in the laps of the SEC controlled agents we have lost our ability to help our customer and this abuse will continue for the other group that is in the area where there has been more abuse in the past anyway.

We as agents with integrity and concern for our customers (because we have to face them next week on an auto , or roof claim..or whatever) are going to need your help as a professional so we can be a part of our clients financial and insurance planning. I applaud your concern and covet your help in this matter. I will do what I can with your assistance as well. I have a fellow life and professional financial planning partner in the business who does this type of planning who helps me who is someone we can bring is for assistance. If you would like his assistance in hammering out some of the details it is Jack Lashley Jr. 1-877-362-1338 ext 1. He has two offices with one in Wichita and the other in Overland Park.

Let me know what you think and if you need any further input or help.

Respectfully,

Mike Holmes