July 29, 2008
Dear Sir:
I am very much in favor of the rule to classify Indexed Annuities as a securities product. I am assuming this means that insurance agents who are not currently Registered Representatives with FINRA would be required to become RR's in order to continue to sell these products to the public. There have been many abuses with this product by insurance agents who do not understand the securities business. These agents should become RR's and be subject to supervision through a qualified Broker/Dealer the same as RR's currently qualified in the securities business.
Thank you,
James H. Duren, OSJ
American General Securities Inc.