September 3, 2008
Dear Chairman Cox:
My livelihood and business as a licensed independent insurance agent may be greatly impacted by the proposed rule File S7-14-08.
This rule regarding fixed index annuities, which are regulated by the state department of insurance and sold by licensed insurance agents such as myself.
The new ruling is seeking to require that all fixed index annuities become registered products sold only through a broker-dealer and not by insurance agents. The rule adds no consumer protections not already provided by state insurance regulation and would in fact undermine many state initiatives concerning sales practices.
Please do NOT institute this unnecessary rule.