A bill to direct the Securities and Exchange Commission to revise any rules necessary to enable issuers of index-linked annuities to register on a form tailored specifically to registered index-linked annuities, and for other purposes.
Registration for Index-Linked Annuities Act
This bill requires the Securities and Exchange Commission (SEC) to create a new form for the registration of index-linked annuities to ensure that a purchaser can make a knowledgeable decision.
The bill defines a registered index-linked annuity as an annuity that is deemed a security, that is registered with the SEC, and that is issued by an insurance company subject to state supervision. Furthermore, the returns of these annuities (1) are based on the performance of a specified benchmark index or rate, and (2) may be subject to a market value adjustment if amounts are withdrawn early.
Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Measure laid before Senate by unanimous consent. (consideration: CR S7003-7004)
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S7004)
Message on Senate action sent to the House.
Received in the House.
Held at the desk.
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