Subject: File No. S7-14-08
From: Bobb A Meckenstock
Affiliation: CEO Main Street Securities

July 17, 2008

I believe the SEC should regulate the sale of Equity Indexed Annuities. Consumers are being mis-lead regarding the "upside potential" in the sale of these contracts by un-registered agents. Purchasers of all ages (not just Seniors) are "locked" into long term surrender charges, with very little if any, liquidity during the annuity holding period. The compensation paid to the agents selling these contracts is outrageous to say the least (often times exceeding 10% of the deposit) and is the strongest motivator for many to market this product at the expense of the trusting consumer. As a planner for 30 years I am embarrassed by the greed of the life insurance industry in creating such a "one sided product" i.e. it favors the life insurance company because it can hold this asset (the premium) for 10 to 20 years, before the client or the beneficiaries will receive the return of their premium. Potentially this could be another "black eye" on an otherwise staid, conservative and necessary industry.
Bobb A. Meckenstock
CEO Main Street Securities.