November 18, 2008

Subject: S7-14-08

This e-mail is to strongly OPPOSE the suggestion that this country will be better off if fixed indexed annuities are placed under the control of the Securities Exchange Commission. There are more than adequate controls and scrutiny being performed by the National Association of Insurance Commissioners and their staff and by the suitability requirements being required by the insurance companies that issue these annuities.

I have been an insurance agent since September 18, 1995, in the state of Tennessee (Agent # 760628) and have not had any complaints placed against me for these "abusive sales practices" that are alleged by upset or jealous securities dealers.

There are a number of securities dealers who also sell annuities. Unfortunately, as discovered from one recent client, they seem to put their clients in variable annuities which puts their clients at risk of loss during market downturns.

The only purpose that will be accomplished by passing 151a is denying an alternative for clients of security dealers to be customers of an insurance industry that have products that have removed the risk of loss of their clients principal due to market downturns. Insurance agents offer products that address risk free approaches to financial planning and protection of their clients principal.

It is for these reasons that passage of this proposed rule could be considered restraint of trade and injurious to the general public.

Therefore, PLEASE DO NOT PASS this Proposed Rule 151a.

Sincerely,

Richard G. Young, Jr.
Insurance Agent
State of Tennessee