November 13, 2008

Subject: File No. S7-14-08

To Whom It May Concern:

I am writing to express my support for the Equity-Indexed Annuity Rule. I am a Certified Financial Planner® since 1990, member of the Financial Planning Association, and have 24 years in the financial planning profession.

All too often, in order to get paid commissions for recommending annuities I have seen too many uninformed clients “sold” inappropriate annuity products. The Equity-Indexed Annuity Rule is not only reasonable, but a balanced approach to enhancing enforcement efforts so the most vulnerable aging population has protection from unscrupulous and aggressive annuity sales agents. Often consumers are misled and don’t realize the liquidity risks, surrender charges, and other factors unsuitable for many individuals. Not all states have adopted suitability standards for annuity sales, nor do most insurance commissioners have adequate enforcement resources available resulting in some agents misrepresenting themselves as offering a single retirement solution. In fact, retirement planning is a very complex planning process.

Please do NOT drop the Equity-Indexed Annuity Rule.

Sincerely,

Chuck

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Charles F. Steege, CFP(r), President
5-Star Paladin Registry Financial Advisor