Subject: File No. S7-14-08
From: Nancy M Hensley

August 12, 2008

I have been securities licensed since 2001 but have also been selling the Fixed Indexed Annuities as well. This is a great product that protects the client against the downside of the market. I have both products myself and can see the difference first hand. The mutual funds I have have lost considerably since I have had them and the opposite is true of the Fixed products. These are regulated and backed by the insurance companies. I feel this is a way for the SEC to generate more revenue by requiring Licensed Insurance Agents to find a Broker Dealer that can set their rates and require minimum GDC. The fixed products are a valuable source for the older generation that has accumulated their assets and agonize over the loss of mutual fund investments knowing they cannot recoup their funds and are seeing them "going down the drain". SEC should maintain their supervision over the securities side and leave the Insurance Company products as they are since the contract clearly explains the way earninges are figured and applied.

Thank you