Subject: S7-14-08 Proposed regulation 151A

September 8, 2008

VOTE NO to this proposal!

The Securities act of 1933 was and is still a very good document for the regulation of SECURITIES where people who assume INVESTMENT RISK should be made aweare of all aspects of the RISK they are taking when buying a SECURITY. Indexed annuities are NOT SECURITIES but rather an INSURANCE PRODUCT that is now and should be regulated by the STATE INSURANCE DEPARTMENTS and the NAIC who do a very good job in that regard.

INDEXED ANNITIES are great products that offer mostly SENIORS not only the ability to protect their PRINCIPAL FROM LOSS but allows them to hedge against INFLATION. Where else can a person have all of their money go directly into the product WITHOUT FRONT END LOADS and have the product offer them an INCOME FOR LIFE without risk AND WITHOUT BACK OUT CHARGES if held to maturity?

Let the STATES continue to treat these products as any other INSURANCE PRODUCT and not put many companies and insurance agents out of business. This is NOT a SECURITY product but appears to be only a money grab by special interest groups with lots of political pull.

M. Chiango, Lansdale, PA