Subject: File No. S7-14-08
From: elayne t kushner

September 9, 2008

I think it is entirely inappropriate to classify fixed annuities the same as other security instruments which require a securities license. the fixed annuity may or may not have a connection with the securities exchanges, and even if it does, it is not a direct connection. also, the purchaser assumes NONE of the risk of the downside of the markets, and does assume some of the upside profits of the markets. capital attached to the instrument is not at risk, unless sold during certain periods, but is not at risk due to any markets' downsides. also, the commission that an insurance agent gets for the sale is much less than an investment broker or adviser gets for their sales and/or advice. therefore, it is entirely inappropriate and unjustified to classify these fixed annuities as securities. they are insurance instruments and nothing more.