September 2, 2008
As a life insurance agent, my livelihood and business as an agent my be greatly impacted by a proposed rule 151A recently published by the SEC. 151A focuses on fixed index annuities, which are fixed annuities that carry no market risk to the consumer. These products are regulated by the state department of insurance and sold by licensed agents such as myself. The SEC is seeking to require that all fixed index annuities become registered products sold only through a broker-dealer and not by insurance agents. The rule adds no protections that aren't already in place and would, in fact, undermine many state initiatives concerning sales practices. Please contact SEC Chairman Cox and ask for an extension for the comment period and oppose this unnecessary rule. Thank you for your time and attention in this matter.
Hayes Hummel
Nashville, Tennessee