October 29, 2008
I would like to recommend to the SEC not to adopt rule 151A,in the last 12-14 months we have all watched the stock markets lose 25% - 40% and millions of americans have lost ten of thousands of dollars in their investments. The individuals that are invested in fixed indexed annuities have not lost any money at all, with many making money in the fixed account portion of their account. This alone is a great reason to don't fixed a good thing that is not broken. The state insurance agencys job is to insure that the fixed account are secure and to my knowledge there has never been a fixed annuity be insolvent.
It would seem that there are many areas in the securities arena that could use some additional oversight and regulation to help protect investors, but the indexed annuity is simply not one of them. This is a very very important decision for the SEC and I ask for you to not adopt the proposed rule as it is in good order as is.
Thank you for your time
Timothy W. Franklin