August 4, 2008
It is my belief that you are stretching the scope of your authority in catagorizing annuities that are tied to index's as oppossed to owning individual stock's. The whole reason a buyer choose's to purchase one of these products is to have the possible gain that comes with these products and in most cases no risk of downfall from the downturn in a market or individual stock.
If these products are being misrepresented or sold improperly that is what each state has a state board of insurance to inforce or penalize. This appears to be another example of the SEC sticking it's nose in an already policed situation to give emphasis of its power.
Stay out and let the states do what they are already doing, policing the situation and penalizing the wrong doers when found and found guilty.
Let's not penalize the entire industry for something you percieve as an opportunity to either further govern or control. You would do better watching your own area of experise or control the commodities markets problems than issue a ruling simply because you can.