Subject: File No. S7-14-08
From: Michael F Louis
Affiliation: AACEP, CSFP,

September 2, 2008

Your attempt to hijack insurance products is a travesty and could be construed as an opportunity to replace income for Wall Street which might be lost to the insurance industry due to better and safer products offered by this market sector.

Is this redistribution of wealth considered a socialist agenda?

The tenets and very foundation of United States is freedom and particularly of commerce that is the cornerstone of the wealth in USA, not to mention the ability to engage in competition. These critical basics, "Government of the People by the People for the People" does not include the SEC which organization has no right to place fetters on the insurance industry that must remain separate and sacrosanct. Without your assistance the insurance industry has demonstrated and always shown to be considerably more secure than the financial sector over which your organization has jurisdiction. Any Fixed Annuity cannot be defined as a security by your organization and they have no similarity to the so-called securities offered by the securities brokerage industry. Here is the definition from a website

Finance: Certificate evidencing ownership of equity (stock), ownership of a debt obligation payable (bond), and the rights to ownership implied by options and warrants. Securities, when pledged as collateral, may be used to obtain bank financing.

Nowhere are annuities included in this definition and your organization should not be meddling in the affairs of the million insurance brokers in USA not to mention the many insurance companies who rely heavily on the sector for its business. In fact your action if you prevail could have a substantially detrimental affect on commerce and at this juncture, since the economy is faultering would have a far reaching adverse result. Your organization hopefully would then be held to account for the commercial bloodbath which may take many decades to restablish.

Many should join in requesting your withdrawal from this action.

Yours truly,
MICHAEL LOUIS