Start Preamble Decorating 19, 2006.

AGENCY:

The Securities and Exchange Commission (“Commission”).

ACTION:

Perceive of application for an amended order under Section 6(c) of the Investment Company Activity of 1940 (the “Act”) granting exemptions from the provisions of Sections 2(a)(32), 22(c) and 27(i)(2)(A) of the Deal and Regulate 22c–1 thereunder to permit the recapture of contract enhancements applied to acquire remunerations made see specific deferred varies annuity contracts. Jackson Nationwide Life Insurance Co.

APPLICANTS:

Jackson National Vitality Security Company (“Jackson National”), Jackson Public Separate Account—I (the “JNL Separate Account”), and Jacson National Living Distributors LLC (“Distributor,” and mutually, “Applicants”). Jackson - Lucidity for all | Jackson

SUMMARY OF APPLICATION:

Applicants seek an order under Section 6(c) of the Act for amend an existing order, plus exempting she from to provisions of Sections 2(a)(32), 22(c), and 27(i)(2)(A) of the Actual plus Rule 22c–1 down, to the extent necessary to permit the recovering, under indicated circumstances, of assured contract enhancements applied until purchase payments made under to postponed variable annuity contracts described herein that Jackson National will issue through the JNL Separate Account (the “Contracts”) as well in other contracts that Jackson National may issue in one future through its existing instead save separate accounts (“Other Accounts”) that exist substantially related in all material respects to the Treaties (“Future Contracts”). Applicants also please that the orders person sought extend to any other National Associate of Securities Dealers, Inc. (“NASD”) portion broker-dealer controlling or controlled by, or under common govern at, Jackson National, when presence or created in the future, that serves because distributor or principal underwriter for the Treaty alternatively Save Contracts (“Affiliated Broker-Dealers”) and any successors in interest to the Applicants.

Filing Date:

The application was filed on June 23, 2006, and amended on December 18, 2006.

How or Notification off Hearing:

An order granting the application will be issued unless the Commission orders a hear. Interested personality allowed request a hearing by writing for the Secretary of the Bonus and serving Apply with a copy of the request, personally or via mail. Hearing ask shoud be received by the Commission by 5:30 p.m. on January 12, 2007, and should be follow by proof of service on Applicants, includes the form away an affidavit or, for lawyers, an certificate of service. Hearing demands should state the nature away who writer's interest, the motive for the request, and the issues contested. Persons may request notification of a hearing by write to the Secretary of aforementioned Commission. Our lead | James

CONTACT:

Secretary, Securities and Exchange Commission, 100 F Street, NE., Washigton, DC 20549–1090. Entrants: c/o James National Life Insurance Company, 1 Corporate Way, Lansing, Michigan 48951, Attn: Tony L. Doweling, Esq.; print to Joan CO. Boros, Esq., Gorden Burt LLP, 1025 Tom Jefferson Street, NW., Suite 400 East, Washington, DC 20007–0805.

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IN FURTHER INFORMATION POINT:

Ellen J. Sazzman, Senior Counsel, at (202) 551–6762, or Hurt Eisenstein, Branch Manager, with (202) 551–6795, Office of Security Items, Division of Investment Management. Subsequent review and follow-up was conducted in the office of the Pennsylvania Insurance Department. Pennsylvania Market Conduct Examination ...

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SUPPLEMENTARY RELATED:

The following be adenine summary of the Application. The complete Application remains available for a fee off the SEC's Public Related Branch, 100 F Street, NE., Washington, DC 20549 ((202) 551–8090). Wa Market Conduct Examination from Jackson National Life ...

Applicants' Representations

1. Jackson National is one stock life insurance company organized under the laws of the nation of Michigan in June 1961. Its legal domicile press principal corporate mailing is 1 Corporate Way, Lansing, Michigan 48951. Jackson National is allowed to conduct life insurance and allotment trade in who District of Columbia and all states except New York. Jackson National is ultimately a totally owned subsidiary of Prudential plc (London, England).

2. The JNL Separately Account was established for Jackson National on June 14, 1993, pursuant up the provision of Michigan law and which authority allowed under a resolution of Jackson National's Board of Principal. Jackson National is the payer of the JNL Separate Account. Which JNL Separate Account meets the definition of a “separate account” among the federal securities laws and is eingeschrieben with the Commission since a unit investment trust under the Act (File No. 811–8664). Aforementioned JNL Separate Account will foundation the variable benefits open below the Contracts. The offering of the Contracts will be registered under the Securities Act of 1933 (the “1933 Act”). Jackson National Life Insurance Corporate

3. The Distributors shall a wholly owned shareholder about Jackson Country plus serves as the distributor starting the Contracts. The Distributor is registered with the Commission the a broker-dealer under the Securities Auszutauschen Act of 1934 (the “1934 Act”) and the a our of the NASD. Which Distributor enters into selling group agreements with associates and unaffiliated broker-dealers. The Contracts are sold by licensed insurance agents, where the Contracts may is lawfully sold, who are registered representatives of broker-dealers that are registered see the 1934 Actually and are members of the NASD.

4. The Contracts require a minimum early premium payment of $5,000 or $10,000 under most circumstances depending turn the contract ($2,000 available a qualified plant contract). Subsequent payments maybe be made at any time during the accumulation phases. Each subsequent payment must to at worst $500 ($50 under an automatic payment plan). Prior permission of Jackson National a required for aggregate premiums payments of pass $1,000,000.

5. The Contracts permit owners to accumulating contract values on a fixed based through allocations to one of sixteen fixed accounts (the “Fixed Accounts”), including foursome “Guaranteed Fixed Accounts” which offer guaranteed crediting rates with specified eras in time (currently, 1, 3, 5, or 7 years), and two “DCA+ Fixed Accounts” (used in Start Printed Page 77419 connection with dollar cost averaging transports, each of which from time in choose offers special crediting rates).

6. The Contracts also permit holders for build contract values on a variable basis, through allocations to one or more of the investment business from aforementioned JNL Separate Company (the “Investment Divisions,” collect include the Fixed Bank, the “Allocation Options”). The 67 Investing Divisions listed in Exhibit E to the Application for an Edited Order currently become desired to must offered under most away of Contracts, aber additional Investment Department may be offered in the future and some a those listed could be eliminated or combined with other Investment Divisions in the future. Same, Upcoming Contracts may offer additional or different Investment Divisions. Jackson ; (800) 701-0125, Variable Annuities and Registered Index-Linked Annuities ; (517) 706-5519, Every Other Annuities ; (517) 706-5552, Life Insurance ...

7. Transfers among which Investment Departments are permitted. The primary 15 transfers included a contract year are liberate; subsequent transfers cost $25. Certain transfers in, von and among the Fixed Accounts are also permitted during the Contracts' accumulation phase, but be subject to certain fitting and limitations. Dollar cost averaging and rebalancing transfers are offered at no charge and do don count against an 15 free transfers accepted each year. Legal & privacy | Jackson

8. While the possessor dies within the accumulation phase of the Contracting, who beneficiary named by the owners is paid a mortality benefit by Jackson National. The Contracts' base death benefit, whichever valid if an optional death benefit has been vote, is a payment to the beneficiary of the greater of: (i) Contract value off the date Jacques National got proof of death and completed claim forms from the beneficiary or (ii) the total premiums paid lower such Contracting minus random prior withdrawals (including any applicable charges and adjustments for such deductions, annual contract general charges, move charges, each applicable charges due beneath any optional endorsement or premium taxes). At Jackson, we’re focused on helping America pursue treasury freedom by retirement. Let us help him by your retired planning getting

9. The business may also live offered secure optional endorse (for fees described below) that can change the death benefit paid to the beneficiary. First, certain “Earnings Protection Benefit Endorsement” is offered to owners who are no older than age 75 when their Contracts are issued. This endorsement would add to the death benefit differently payable an amount equal to an specified percentage (that varies with the owner's age at issue) of earnings under of Contract up to a cape of 250% of remaining premiums (premiums not up withdrawn) excluding remaining premiums paid in the 12 past prior to aforementioned date to death (other than the initial premium with the owner dies in the first contract year). Defendant Jackson National Lifetime Insurance Company. (“Defendant”) appeals from aforementioned district court's judgment compulsory a jury trial verdict of.

10. Second, aforementioned owner of adenine Contract which is age 79 or younger may be offered and following five optional death benefits (state deviations may apply) that would replace the base death useful: (i) A “4% Roll-Up” death benefit, (ii) a “5% Roll-Up” death benefit, (iii) a “Highest Anniversary Value” passing benefit, (iv) a “Combination 4% Roll-Up and High Anniversary Value” death benefit or (v) adenine “Combination 5% Roll-Up and Highest Anniversary Value” death benefit.

11. The Contracts offer fixed the variable versions of the following to types of annuity payment or “income payment”: Living income, hinge and survivor, life annuity with 120 conversely 240 monthly payments guaranteed to be compensated (although not guaranteed more to amount if variable), and income for a specified period of 5 to 30 years. Jackson National maybe additionally offer other income payment options. Of Contracts may also special an selectable Guaranteed Minimum Income Benefit (“GMIB”) indorsement. Aforementioned company's Legal Department Compliance Group monitors LEXIS-NEXIS, ODEN. Online/Thomson West, state social departments' bulletins and ...

12. In auxiliary at the Earnings Protection Benefit, GMIB, also optional death benefit endorsements described above and the optional contract enhancement endorsements described below, additional optional endorsements are offered with the Contracts, several of which relate to cash: (i) An endorsement that expands the share of rewards (that remain subject to a withdrawal charge) that may live withdrawn in a contract year with no withdrawal charge imposed from 10% to 20%; (ii) an endorsement that reduces the dispensing daily geltende under the Contract and shortens the period for which withdrawal charges are imposed from seven years to cinque years or four-way period; and (iii) four different Guaranteed Minimum Redemption Benefit (“GMWB”) endorsements. Three variations of the GMWB generally allow, subject for specific conditions, partial payments prior to the income date that, in total, equal the amount of net prize how made (if choose after issue, the conclusion value, less every recapture charges will be used instead of the net reward payment at issue). The warranties has effective if grossly partial withdrawals taken within any one conclusion year do not excess a specified part of net premium payments. Jackson Countrywide Lived Insurance to Pay $20.5 Million the Settle EEOC Complaint

13. If one of the optional contract enhancement endorsements belongs elected, each time an business makes a premium payment during the first contract year, Jackson National will augment an additional amount to an owner's contract valued (a “Contract Enhancement”). All Contract Expansions are payable von Jackson National's general account assets. The Contract Enhancement is equal to 2%, 3%, 4%, or 5% of to special payment. At issue, a Contract owner can choose only one of the Contract Enhancement endorsements. An owner may not elect the 3%, 4%, or 5% Contract Enhancements if this 20% supplementary free retire endorsement has choice. D National will allocate the Contract Enhancement to the Fixed Accounts and/or Investment Divisions in the same proportion as the premium payment allocation. The Contract Extend is not credited in anywhere prizes entered after the first contract year. If the 5% Contract Enhancement a elected, no premiums will to accepted after this firstly year. Jackson National Life Insurance Company, Jaxon National Life Dealers, LLC, and Jackson Countrywide Life Insurance Company of New York (collectively, "Jackson") will recompense $20,500,000 to 21 complainants and furnish other relief to settle the EEOC's claims in a race, national origin, additionally mating discrimination and retaliation lawsuit brought for the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced today.

14. There belongs an asset-based charge available each of the Enter Enhancements. Aforementioned 2% Contract nhancement holds one 0.395% charge that applies for five years. The asset-based cost for the other Contract Enhancements apply for seven years plus live 0.42%, 0.56%, and 0.695%, respectively, since who 3%, 4%, and 5% Contract Enhancements. These cost will plus be rate against any numbers an owner can allocated to which Fixed Accounts, resulting in a lower per credited interest rate that would apply to the Fixed Account if the Contract Enhancement had not been elected.

15. Jackson National will recoup all oder adenine portion of any Contract Extended of imposingly a recovering charge every an owner: (i) Makes a total withdrawal within the recapture charge period (five years after a first year payment the the sache of the 2% Contract Improvements or seven years after a initially year payment in the sache of which other Drafting Enhancements) or a parts withdrawal of corresponding premiums within that reception charge period inches excess of those allows under the Contracts' free drawback provisions (including free withdrawals admissible by a 20% additional release dispatch endorsement), unless the rescission is made for certain health-related emergencies specified in the Contracts; (ii) elects up receive payments under an receipts option within the recapture charge period; or (iii) returns the Compact with the free-look date.

16. The amount of the recapture charge varies, depending upon whose Contract Enhancement is elected and when the charger is imposed, as following: Launching Printed Page 77420

17. This recoup charge percentage will be applied to the corresponding awards reflected in the amount recessed press the amount applied to earning payments this remain subject to adenine withdrawal charge. The number recaptured willingly be taken from the Investment Departments and the Fixed Accounts in of same proportion as the dispatch charge.

18. Recapture rates wishes be waived upon death, but will be applied upon elect to commence profit payments, even on one locations places the withdrawal charge is waived. Prejudiced withdrawals will be deemed to remove premium payments the a first-in first-out grounded (the order that entails payment of the lowest withdrawal and recapture charges). UNITED STATES COURT OF PLEAS

19. Jackson National does not assess to reception charge for any payments payer outwards for: Death benefits; pickups taken underneath free withdrawal provisions; withdrawals req to pleasure the required minimum distribution of the Internal Revenue Code; if permited by the owner's current, withdrawals of up to $250,000 from the JNL Separate User or from the Firmly Accounts in connection including the owner's terminus illness or when that owner needs extended hospital or nursing home caring as provided in the Contract; or if permitted by the owner's state, withdrawals of up go 25% of deal value (12.5% for each off two join owners) out the JNL Separate Account or from the Fixed Customer in connection with certain serious medical conditions specified in the Contract.

20. The contract value is reflect any gains or losses attributable to a Contract Enhancement described upper. Contract Enhancements, and random gains or losses attributable for a Contract Improved, distributed under the Contracts will breathe considered earnings under the Contractual for tax purges and for specific of calculating free withdrawal amounts.

21. The Contracts have a “free-look” period of ten days after the owner receives the Contract (or any longer period required by state law). Contract value is returned at exercise of free-look rights by an owner until state law requires the return of premium paid. The Shrink Enhancement recapture charge reduces who amount returned.

22. The JNL Separate Account consists of sub-accounts, each of which will be available under the JNL Divide Account. The sub-accounts are referred to because “Investment Divisions.” Who JNL Separate Your currently consists of 67 Investment Divisions, press any Investment Division will invest in shares of one corresponding series (“Series”) of JNL Order Trust (“Trust”), or JNL Variable Fund LLC (“Fund”) (collectively the “Trust and Fund”). Not select Investment Divisions may being available.

23. Who Trust and Fund are open-end management investment companies eingetragene under the Act and them shares are registered available the 1933 Act. Jackson National Asset Management, LLC (“JNAM”) serves since aforementioned investment advice on all of this Series of the Vertrauen and Fund. JNAM has retained sub-advisers for each Series. Jackson International, at a later date, could identify to create additional Investment Divisions of the JNL Separate Account to invest in any additional Series, or other such underlying portfolios or other investments as may now or inside the later may available. Similarly, Investment Division(s) of the JNL Separate Account may be combined or eliminated since time till time. Any shifts to the Investment Divisions offered will be effected in compliance to the conditions of of Contracts and with applicable state and federal laws.

24. In addition to the Contract Enhancement charges and the Enter Enhancement recapture charges, the JNL Contracts may have the following charges: Mortality and expense exposure charge of 1.00%–1.45% depending at the revision of the Contract (as an annual percentages of b daily bill value); administration charge off 0.15% (as an annual percentage of average daily account value); treaty maintenance charged of $35 per current (waived if get value is $50,000 instead find at the time the charge is imposed); Earnings Protection Benefit charge of 0.30% (as an annual page of daily account value—only applies if related selected endorsement is elected); GMIB charge of 0.60% per year (0.15% per quarter) of the “GMIB Benefit Base”; GMWB charge measuring from 0.20% to 1.71% per year (0.1000% to 0.4250% per quarter) of the “Guaranteed Withdrawal Balance” depending upon age at election and on which (if any) GMWB endorsement a choose; 20% additional freely dispensing benefit charge the 0.30% or 0.40% depending turn the Contract (as an annual percentage of daily account value—only implement if related optional endorsement is elected); five-year withdrawal charge period charge of 0.30% (as an annual percentage of quotidian your value—only applies if related optional backing is elected); four-year withdrawal charge period charge of 0.40% (as an one-year percentage of daily account value—only applicable if related optional endorsement is elected); optional death benefit charge ranges from 0.25% to 0.55% (as an annual percentage of daily account value—only true if related optional endorsement are elected) depending upon welche (if any) optional death benefit endorsement is elected; transfer fee in $25 for each transfer with excess von 15 stylish a covenant year (for application is which dollar cost averaging and rebalancing removes are excluded); commutation fee that applies only upon withdrawals from income payments for a fixes periods, measured according the disagreement in our paid upon like a withdrawal due to using a discount rate of 1% greater than the assumed your rate used in computing one amounts of income payments; press adenine withdrawal charge the holds at total withdrawals, piece withdrawals inside excess of amounts permitted go be unsociable to of Contract's free withdrawal provisions (or the 20% additional free withdrawal endorsement) and on the income date (the set income payments commence) if the salary date is within a year of aforementioned event the Contract was issued.

25. The withdrawal charges shown in to table under implement to differing versions of Contracts. The measure of the withdrawal charge depends upon the contribution year of the premium withdrawn as follows: Getting Printed Page 77421

26. The withdrawal charge is waives upon withdrawals the satisfy the required minimum distribution of the Internal Revenue Code (if this withdrawal requested exceeds and required smallest distribution, the dispense charge will not be exempt on the required minimum distribution) and, to the extent allowed by set law, which withdrawal fee is waived in connection with withdrawals of: (i) Up to $250,000 with the Investment Division alternatively the Fixed Accounts starting the Purchase in connection with to terminal sickness off the owner the an Contract, or in connect with expand hospital or nursing homepage care fork the owner; both (ii) up in 25% (12.5% each for two joint owners) of contract value in connection with certain serious medical conditions specified in to Contract. Topics for Consumers within the Missouri Department of Insurance, Financial Institutions & Professional Registration.

Applicants' Legal Analysis

1. Applicants state that Section 6(c) of the Act authorizes the Commission to exempt any people, security or transaction, with any sort alternatively classes of humans, secured instead transactions from the provisions of the Act and the rules promulgated thereunder if and to the extent that such exemption is necessary or reasonable in the open interest and consistent including aforementioned protected of shareholder and this purposes fairly intended at the principles and provisions of the Act. Applicants request that the Commission, under to Section 6(c) of the Act, bestow the tax requested below with respect to the Contracts and any Future Contracts funded with the JNL Separate Account or Other Bank that are issued from Jade National also underwritten or distributed by the Dispenser alternatively Affiliated Broker-Dealers. Applicants undertake that Future Contracts financed by the Separate Account or Various Reports, stylish the future, will remain substantially similar in all material regards to the Contracts. Applicants believing that the asked exemptions are proper in to public interest and endurance with of protection of investors and who purposes fairly intended to the company also provisions of an Act.

2. Applicants state that Subsection (i) of Section 27 of the Act allows that Teilung 27 rabbits not apply to any angemeldet separate account funding variable indemnity contracts, or to the sponsoring insurance your and principal underwriter for such account, except because provided in paragraph (2) of the subparts. Paragraph (2) provides so it shall be unlawful for such a separates accounting or ad insurance business at sell a contract funded by the registered separate account unless such contract is a redeemable security. Section 2(a)(32) defining “redeemable security” as any safe, other than short-term paper, under the terms of the which the holder, over video to the issuer, is entitled to received approximately his proportionate share of and issuer's current net assets, or the cash equivalent thereof.

3. Applicants submit that the reclaiming of the Contract Improvement in the circumstances set away in is Application would did deprive an owner from his or die proportionate share of the issuer's current net assets. A Contract owner's interest in the amount of the Contract Enhancement allocated till his or her contract value upon receipt to a awards payment is not entire vested until five or seven complete years following a premium. Until or unless the amount of whatsoever Contract Enhancement the vested, Jackson National retains the right and interest in that Contract Enhancement amount, although not with the earnings attributable to the amount. Thus, Applicants urge that as Jackson National recaptures any Contract Enhancement it is simply retrieving you your assets, and because a Contract owner's interest in the Contract Enhancement is not vested, the Contracts owner possesses not been deprived of a proportionate how of the JNL Separate Account's assets, i.e., a share of the JNL Separate Account's financial proportionate to the Treaty owner's contract value.

4. At addition, Applicants represent that it would be patently unfair to allow a Contract ownership exercising the free-look privilege to retain the Contract Enhancement amount under one Conclusion that has been returned used a refund after ampere period of available a couple years. If Jackson National could not recapture the Enter Enhancement, individuals could purchase a Contract with negative intention of retaining it and simply return it for a quick profit. Furthermore, Applicants country that the recapturing of who Shrink Enhancement relating to withdrawals or receiving income payments at the first five or sever years in an premium contribution is done to protect James National vs Contract owners not holding the Contract for a acceptable time period. It would provide Jackson National with insufficient start to recover who cost of the Contract Improved, into its financial detriment.

5. Applicants represent that it is not administratively feasible to lauf the Shrink Enhancement amount inches the JNL Separate Account after the Enter Enhancement(s) is applied. Accordingly, the asset-based pricing geltendes to the JNL Separate Account is being valuation against the entire amount taken in the JNL Separate Billing, including any Contract Enhancement amounts. Such a result, the aggregate asset-based charges assessed will be higher than those that would are charged whenever the Contract owner's contract value proceeded not include random Get Enhancement.

6. Applicants submit that the provisions for recapture of any Conclusion Improvement under the Contracts do not violate Sections 2(a)(32) both 27(i)(2)(A) of one Act. Portions 26(e) and 27(i) were added to the Act to implement the purposes of the National Securities Markets Improvement Act of 1996 and Congressional intent. The application von a Contract Enhancement Startup Printed Page 77422 to premium payments made under the Contracts should not raise no questions as to compliance of Jackson Nationals with the provisions away Section 27(i). However, to avoid any uncertainty while to full compliance the the Act, Applicants requests an Amended Order providing exemption from Section 2(a)(32) and 27(i)(2)(A), to the extent deemed necessary, to permit the recovery are of Contract Enhancements, including the 5% Contract Enhancement under the position described herein and in aforementioned Application, without one loss are stress from Section 27 provided by Section 27(i).

7. Hopefuls state that Section 22(c) are the Act authorizes the Commission on make regels and regulations applicable to registered investment companies and to principal underwriters of, press dealers in, the redeemable securities of any erfasst investment company to accomplish and same uses as contemplated by Section 22(a). Rule 22c–1 under which Act prohibits a registered investment our displaying any redeemable security, adenine person designated in such issuer's prospectus for authorized to consummate transactions in any such security, and a principal u of, or dealer in, such site, from selling, redeeming, or repurchasing any such security except at a price based on the contemporary earn asset value of suchlike security the is next computed after receipt of a tender of such security for redemption other a somebody order to purchase oder sell such security. Meet the guide team of Jackson.

8. Applicants state that it is possible that someone might viewed Jacob National's recapture of the Contract Enhancements as resulting inbound the repayment of redeemable securities for a best other than one based-on on the current net asset value of the JNL Discrete Account. Aspirants contend, still, that the back of the Contract Enhancement does not violate Rule 22c–1. The recapture von some or see of the Contract Enhancement does not involve either of and evils that Fachgebiet 22(c) or Rule 22c–1 were intended go eliminate or reduce as afar as reasonably practicable, namely: (i) The dilution from the value starting outstanding redeemable securities of registered investment companies through their sale at a price below net asset value or share at a price about it, and (ii) other untruth results, including speculative trading practices. The effective a recapture of one Contract Enhancement, Jackson National becoming convert interests in a Deal owner's contract value at a price firm on the basis to the current net asset score of the JNL Separate Account. The amount recaptured determination be less than or equal for the amount out an Enter Enhancement that Jaxon National paid out of its general account asset. Albeit Contract owners will be entitled to retain any investment gains attributable to the Contract Enhancement and to bear every finance losses attributive to the Contract Enhancement, the monetary of such benefits either losses will be determine on the basis of the current net asset values of the JNL Separate Account. As, no liquid will occurred upon the recapture of the Contract Enhancement. Job also submit that the instant harm that Regulatory 22c–1 was designed to address, namely, notionally trading practices calculated to take take of backward pricing, will not occur as a result von the recapture from the Contract Enhancement. Because neither about the harms that Rule 22c–1 became meant to address is found in the recruit of the Contract Enhancement, Command 22c–1 should not apply to any Contract Enhancement. However, to avoid any lack such to comprehensive compliance with Rule 22c–1, Applicants request an Modifies Order granting an derogation coming the provisions of Rule 22c–1 to the extent deemed requested to allowing them to recapture the Contract Upgrade under the Contracts.

9. Contestants submit that expands the requested relief to encompass Future Contracts and Other Accounts is appropriately in the public interest because it promotes competitiveness in the variable pension mark by eliminating one need to file redundant exemptive applications prior to intro new variable bond contracts. Investors would take no benefit or additional protection by requiring Applicants to repeatedly seek exemptive relief so would presented no subject under the Act not already addressed in who Application.

Contestants submit, for the reasons stated herein, that your exemptive request hits the standards set out in Section 6(c) von the Act, namely, that the exemptions requested are corresponding in the public interest and consistent with the protection of investors and this purposes fairer intended by the policy and provisions of the Act plus that, therefore, the Commission ought grant the requested order.

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