November 17, 2008

Subject: File No. S7-14-08 Comments

I am a 29 year veteran licensed Life Insurance and Annuity agent and a current member of NAFA, NAILBA,and NAIFA. In addition, I did hold a Series 6 and 63 license , which I forfeited approximately 4 years ago. I also work with an Insurance Marketing company in the marketing of fixed annuities. I totally understand the fixed and variable businesses.

I am sending this e mail to let you know that I STRONGLY OPPOSE the SEC's proposal that Fixed Indexed annuities should require an agent to be securities licensed.

I am of the opinion that Fixed Indexed Annuities offer clients valuable options that can not be found in variable products. I have sold many Fixed Indexed Annuities in the past, not to mention the 6 or 7 I own myself, and I have never received one client complaint that the product did not perform as I outlined it could. In fact, many clients have been particularly happy over the last two year given the state of the financial markets and the losses they have sustained in non fixed products, such as variable annuities and mutual funds.

I have viewed the SEC proposal and find that it has no evidence that there is widespread abuse in selling the Fixed Indexed product. In fact, I believe that the proposal would restrict sales of Indexed products and prove to be a burden to the public by restricting access to the benefits that these products provide. I also feel that the SEC already has their hands full not only with the economic conditions but with overseeing the representatives that they now have jurisdiction over.

Most importantly, I feel that these products are not securities due to the underlying guarantees that they offer and should remain under the supervision of the state Insurance Departments. Thank you!

Joe Corio, FLMI Senior Vice President
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