Subject: File No. S7-14-08
From: James W Hendrix, Jr.
Affiliation: CEO, Hendrix Financial Group

July 6, 2008

It seems apparent to me that the true cause for this proposed law is the misleading sales practices of equity indexed annuities by that of "rogue" sales agents, just as before with the sales of Variable Life Insurance.

Instead of converting this insurance product to that of a securities product have a separate license created and an individual dept oversee such sales (State Level) with constant CE. Or, have ALL carriers include a ROP (return of premium) rider on all products. Structure the products the way NY state has thiers structured: 100% walk away, 3% minimum guarantee, no upfront bonuses, no terms longer than 10 years, lower commissions.

I think we all can agree that "rogue" agents appear both on the fixed side as well as the broker side. Misleading sales practices occurs and will continue to occur on both sides. Having the SEC oversee the sales, will not and cannot prohibit bad agents do what they do best, mislead.

I fell this is an unfair attempt to take away a great product from the insurance agents (fixed side) that do their job the way they are supposed to (Client Centered Selling).