Subject: File No. S7-14-08
From: John K. Jones
Affiliation: Certified Insurance Counselor, Registered Representative

October 21, 2008

Indexed Annuities are not securities, and should not be regulated by the SEC. I consider this purely a power grab pushed by the securities industry designed to cut and control competition. In the past, I have heard there were abuses in the sales of these contracts, but today the insurance companies work very hard to train, and police the sales distribution force selling these annuities. Considering the abuses of clients in the securities industry, which has been supervised by the SEC for years, I see no advantages for the sale of these contracts to be subjected to the SEC oversight.Basically, all that will occur is that fewer persons will be able to sell these contracts as non-securities licensed persons will be effectively shut out. Further, Broker-Dealers will control products to be sold, by not allowing certain good products on their approved list, in favor of contracts they have closer ties to. Indexed annuities are a good product for a particular sector of clients, and these clients should have fair access to them without interference from the SEC and the securities industry. I consider this a move very akin to what the AMA has done to try to hound Chiropractors out of business for many years. Please do not give permission to remove or limit competition in the industry, by passing this.