Subject: File No. S7-14-08
From: daniel r menza

July 17, 2008

I have been in the Insurance business since 1982, or 26 years and am very familiar with the long battle between Insurance companies and Investment firms. The Securities firms were not feeling threatened when all they had to worry about was the occasional Whole life policy. Then along came A.L. Williams (buy term and invest the differrence) of course his "term-mites" did alot of damage eating away at whole life and replacing it with term. Alot of people died after the term leaving families without permanent coverage and of course never did help them invest the difference. Then along came Variable life regulated of course by the SEC, which makes perfect sense since principal was at risk. Then the Insurance companies come along with a truly remarkable concept(FIA's)FIXED Indexed Annuities, that has proven to benefit many, during turbulent times. Billions of dollars have been transferring to "Insurance Companies" instead of the Investment Firms. The rivaly continues between these two enitities for this money. The occasional complaints from Annuity owners appears to be only a mask to cloak the rivaly for this money. May the client win this battle in the end,having the choice that the market brings to these folks instead of the Broker boutiques pushing Stocks Bonds and Mutual funds as the Holy Grail of security and peace. Does anybody remember the depression? Which firms were left standing? I seem to recall it was the Insurance companies. I hope common sense prevails and not knee jerk power grabs. Thank you