From: Anonymous
Sent: Tuesday, August 15, 2006 3:51 PM
To: Rule-Comments
Subject: SR-NASD-2004-183

I sell insurance and variable products. I am concerned about the suitability standard and principal review requirements pertaining to the sale of variable annuities contained in NASD proposed Rule 2821. I urge the SEC to disapprove the proposal.

I firmly believe people who engage in misleading sales practices should be aggressively prosecuted and subject to appropriate sanctions. Available data does not support the NASD's claims that the level of sales problems in the variable annuity marketplace calls for the adoption of the proposed rule.

Furthermore, proposed Rule 2821 duplicates current supervision and suitability requirements that are already in place. NASD rules (including Rule 2310) already contain suitability requirements that apply to all sales of securities, including variable annuities. If regulators really want to protect consumers, appropriate enforcement of the existing suitability rule rather than adopting a new rule is the answer.

In addition, the requirement for review by a principal found in the proposed rule deviates in several significant ways from the general supervision requirements found in Rule 3010. This requirement appears to present a bias against these products, and will lead to constant second guessing of my advice and recommendations (based upon less first hand information than was available to me).

I urge the SEC to disapprove NASD proposed Rule 2821. Thank you for your consideration of my views on this matter.