Subject: File No. S7-14-08
From: Loretta K Paraguassu

August 18, 2008

The only ones who will benefit from this legislation are brokerage firms who will take a healthy percentage of the commissions and call it their own. All reputable insurance companies supervise their agents and carefully examine applications. I have had applications bounced back to me for the smallest, possible questions or omissions. I have been in the business for 15 years and I have never personally seen an example of abuse by an insurance company.

However, I have seen many examples of greed by broker dealers. They are the ones I would choose to avoid in this process. Recently, in fact, it took intervention by the State Insurance Commissioner of Georgia to get paid for more than $8,000 in commissions that should have been paid to me over the past two years. The insurance company made it good, not the broker dealer.

I hope you will take my comments seriously. They are from a street level agent working hard to make a living.