Subject: File No. S7-14-08
From: richard snyder

July 29, 2008

I've been selling Indexed Annuities for over 10 years as an independent life insurance agent. Never had a complaint or a client who didn't completely understand the product or who didn't make any money. And who never lost any money. With all the suitability requirements in place now i believe having to be securities licensed is a complete waste of time, and in no way will make any difference in people understanding what they are doing. It completely depends on the quality of the agent, whether he she takes the time to educate the consumer. How many folks truly understand how a variable annuity works and all the fees attached to it. I submit not too many. Thank you, Richard Snyder