The question was: Which of the following distribution channels accounted for the largest share of variable annuity sales for the first three quarters of 2008?

a) Captive agencies.
b) New York wirehouses
c) Regional investment firms
d) Independent NASD firms
e) Banks/credit unions
f) Direct response

The answer is: d. Independent NASD firms nabbed 36% of industry VA sales from January through September 30 of 2008, according to Frank O’Connor, product manager for VARDS, at Morningstar, Inc., Chicago. This was followed by captive agencies at 30%, New York wirehouses and banks/credit unions (each 12%), regional investment firms (8%) and direct response (2%). See his article here