July 14, 2008
I would like to comment on the proposed change in how the indexed annuity will be regulated. I feel these types of annuities are already regulated by the States via the Insurance Departments in each state. These types of contracts are not direct investments in the stock market, they are contracts with insurance companies that include underlying guarantees and protect the client's money with no losses. If Broker-Dealers are included in the process, this will be a burden on both, the company and the client-resulting in less return for the client. These products are safe and offer the client an alternative to the market which I feel is why Broker-Dealers want to limit or surpress the market for these types of contracts. My clients enjoy the quality returns and safety of an indexed annuity and I would like to continue to be able to offer these to my clients as they are currently being regulated. Thank you for your consideration on this matter,
Lee Roy Pettyjohn