Subject: s7-14-08

September 9, 2008

I am an independent insurance professional whose practice includes the sale of indexed annuities to my clients when they are suitable and in their best interest. These products are an increasingly popular retirement savings tool for consumers who want a safe place for their money in these economically uncertain times. Fixed index annuities have been recognized and affirmed as insurance products – by every state insurance commission and every court that has considered them – since their inception. Such sales are highly regulated by our state’s insurance commission and the insurance carriers involved. The SEC now wishes to impose an additional, as well as wholly redundant and unnecessary, layer of regulation to my profession. If adopted, it will require that insurance agents obtain additional securities licensing to sell these insurance products. This licensing is costly, very time-consuming and counterproductive. As such, it will hurt my business without benefiting consumers.

Walt Snyder
Sales Consultant
Producer Progression Team
Asset Marketing Systems, LLC