Subject: File No. S7-14-08
From: MATT V FIAMENGO

August 16, 2008

I FAIL TO SEE WHY WE NEED THE DOUBLE REGULATION OF THE SEC/FINRA WHEN WE ALREADY HAVE AN EFFECTIVE SYSTEM INPLACE WITH STATE INSURANCE COMMISONERS.
IN ADDITION THIS IS A GUARANTEED PRODUCT OUTSIDE OF THE SECURITIES REALM OF NORMAL REGULATION.
I WOULD LIKE TO SEE THE LOCAL STATE ADMINISTRATION RATHER THAN THE FEDERAL.
IN ADDITION, IF IT IS THE FACT THEIR HAS BEEN MISREPRENTATION OF THE PRODUCT THAT COULD BE SAID OF ANY PRODUCT SOLD IN ANY INDUSTRY. I THINK THE RATIO OF "ABUSE" IS LESS IN THIS AREA THAN MANY OTHERS IN OTHER INDUSTRIES.
THE STATES ARE WORKING HARD TO MAKE SURE SUITABILITY IS IN PLACE.
PLEASE REGULATE WHAT YOU DO BEST AND LEAVE INSURANCE TO THE INSURANCE COMMISSIONERS OF THE STATES