Subject: File No. S7-14-08
From: M V

July 12, 2008

These comments are also going to be sent to Money Magazine, Worth Magazine, The New York Times, Wall Street Journal and various other Amreican publications.

I have been working in this industry for 8 years now. I appreciate the way that many insurers have implemented safety regulations to prevent bad sales tactics. With regard to the proposed new ruling that indexed annuities fall under securities guidelines, I think this is a bad idea. Is it right to punish an entire workforce for the results of a few "bad apples"? The insurance industry has implemented many "checks and balances" to insure the proper use of these products. If this new rule does go through, many agents, brokers, and agencies will not be able to change over and will thus be out of work. The impact this ruling will have on the American economy will be devastating. The economy is already in bad enough shape, but this ruling would make it even harder on working Americans. Indexed Annuities are not a stock ownership product. This is made very clear on all published materials. The results of the SECs proposed rule will not be to benefit savers but to:
1. Reduce the number of agents who can offer a product that is beneficial to many savers

2. Burden indexed annuities with unneeded additional expenses (for filing, regulation, and supervision), the cost which will be borne by savers

3. Damage financially many individuals, small businesses, and smaller insurance companies and

4 Give Broker/Dealers the ability to suppress a viable, valuable, and successful form of retirement savings which has and would continue to provide strong competition to those retirement savings offerings traditionally made by Broker/Dealers.

I personally work with small business owners and middle income families. These products have proved to be an excellent way to provide a savings, retirement plan, and secure option for my clients. New regulations on these products would reduce there effectiveness.

This is a bad idea to pass this ruling. The only reason to continue with this ruling is if the SEC would like to hurt American savers, damage the already slow economy, and put more people out of jobs.