Letter of Comment FINRA Reg. Notice 08-39

September 30, 2008 Marcia E. Asquith Office of the Corporate Secretary FINRA 1735 K Street, NW Washington, D.C. 20006-1500 RE: Regulatory Notice 08-39 Dear Ms. Asquith: NAVA, Inc., the Association for Insured Retirement Solutions, respectfully submits this letter of comment in response to Regulatory Notice 08-39 concerning proposed changes to guidelines on communications with the public about variable life insurance and variable annuities. NAVA is a not-for-profit organization dedicated to the growth and understanding of annuity and variable life insurance products. NAVA represents all segments of the annuity and variable life industry with over 300 member organizations, including insurance companies, banks, investment management firms, distribution firms, and industry service providers. Background In Regulatory Notice 08-39, FINRA proposes to update and consolidate the rules governing member firm communications with the public about variable insurance products by adopting a number of changes to NASD Interpretative Material 2210-2 (“IM-2210-2). FINRA also proposes to codify previous guidance concerning the use of comparative illustrations of the mathematical principles of tax-deferred versus taxable compounding in communications by adding new language to NASD Interpretive Material 2210-1 (“IM-2210-1”). Comments Proposed IM-2210-2, Paragraph (d) Guarantee Claims and Riders Paragraph (d) would add new ...