Subject: File No. S7-14-08
From: Rob Voyles

July 14, 2008

It is difficult for me understand how the SEC can in any way make the argument that indexed annuities should be regulated as a securities product.

Indexed annuities are popular because they do not open the customer to any risk of principal or interest credited. To say otherwise, is in my opinion, just another way of regulating away competition.

Brokerage houses would most certainly like to make it as difficult as possible for the sale of these products. Limit the number of providers....increase paperwork....and if securities licensed are the only reps, pressure them to not sell them.

Providing fewer available products to the public....limiting competion and reducing the number of reps to market these products cannot be a good thing for the consumer.

This strikes of letting the fox guard the hen house. With current market conditions, it is somewhat ironic to think that the securities customers will be getting their quarterly statements telling them of their massive losses for this quarter while the indexed annuity customers haven't lost a dime.

Good timing SEC.