Subject: SR-NASD-2004-183

August 4, 2005

Jonathan G. Katz
Secretary, Securities and Exchange Commission
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-9309

Jonathan Katz:

My name is David R. Bellis CLU, ChFC, MSFS and I have been a licensed insurance professional and variable product salesperson since April 15, 1974. I am writing to you to voice my option to have the SEC disapprove the NASD proposed Rule 2821 proposal. It is redundant and the suitability standards contained in NASD proposed Rule 2821 are unnecessary. They will provide no meaningful additional protection to consumers and will adversely impact my business. I urge the SEC to disapprove the proposal.

I feel that when individuals participate in the variable annuity market place and unfortunately deal with a misleading sales representative, that representative should be aggressively prosecuted and subject to appropriate sanctions. However, proposed Rule 2821 duplicates requirements that are already in place. NASD rules already contain suitability requirements that apply to all sales of securities, including variable annuities. What the regulators should be doing is to enforce the current regulations and prosecute these misleading sales representatives rather than creating additional rules or regulations.

Furthermore, I feel the vast majority of individuals selling variable annuities do not need a review by a principal of the products that they recommend. The vast majority of these representatives know their clients and recommend what they would do if it were their own situation. I do not wish to have a principal second guess what I recommend to any of my clients.

Finally, I do not believe that the available information supports the NASD's claims that there is a high amount of sales problems in the variable annuity marketplace calling for the adoption of the proposed rule. The NASD has not statistically quantified the scope of the problem it is allegedly seeking to solve with the proposed rule. I urge the SEC to disapprove NASD proposed Rule 2821. Thank you for your consideration of my views on this matter.


David R. Bellis CLU, ChFC, MSFS