Subject: File No. 4-606
From: Jongjoon Kim, M.A.

August 24, 2010

I am working at insurance industry and heard that another standard which will heavily impact on the industry will be established. I just want to let you know how the new fiduciary standard will be misguided.

1. The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. I think it already has been working well.
2. Compliance costs-both in terms of finances and time-are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.
3. Clients would rather want to receive better services from agent than just spending the redundant compliance works.

Based on those points, I would like to ask you that the new standard should not be established.
Thanks, JJ