October 29, 2008
I am respectfully requesting that you reconsider the above proposed rule. If adopted this rule would adversely impact my business along with thousands of other independent insurance agents throughout our nation.
Re-characterizing a fixed indexed annuity (FIA) as a security is opposite of what an FIA is by definition. An FIA is a savings product designed to protect not only principal but also any past interest credits. Adopting this rule will expose consumers again to market risk and remove important state regulated safeguards. We need more insured savings and financial instruments in today's marketplace, not more products that expose people to risk.
Hoping you will reconsider your intention and thanking you in advance of that end.
Sincerely,
Cris Hollingsworth
Retirement Solutions