September 3, 2008
Comments directed to The SEC:
I have been licensed to sell insurance and annuities for over 35 years and am greatly concerned in the direction the SEC wants to take annuity regulation. In the past decade I have moved several hundred thousand dollars from mutual funds and variable annuities into Fixed Index Annuities. I have in my files several thank you letters and cards from clients expressing their gratitude for rescuing them from major losses they would have suffered when the market went bearish. I don't think sellers of mutual funds and variable annuities can say the same. This leads me to think perhaps you are regulating the wrong financial products. We all know of people's portfolio melting while their "advisor" did nothing. Please focus your attention where it is needed.
Gary Mathias
Haslett, Michigan