Subject: File No. SR-NASDAQ-2006-040
From: Ann M Storberg
Affiliation: Vice President - Investor Relations, American Physicians Capital, Inc.

December 4, 2006

December 4, 2006

American Physicians Capital, Inc. ("APCapital") (NASDAQ: ACAP) is a listed company on the NASDAQ Global Market and has been a NASDAQ customer since going public six years ago. We have enjoyed selecting and using services provided by the NASDAQ, but strongly oppose NASDAQ's proposal to bundle news distribution and other services into its listing fees. APCapital currently engages certain service providers that meet the needs of the Company and believes the NASDAQ should continue to allow listed companies the pleasure of choosing their service providers. The bundling of services and forcing listed companies to pay for these services is unfair. In addition, this action will eliminate fair competition between service providers, which is critical in our market place as it promotes a higher caliber of services.

APCapital encourages the Securities and Exchange Commission to reject this proposal.


/s/Ann Storberg

Vice President, Investor Relations, APCapital