Senate Bill 3198
117th Congress(2021-2022)
Registration for Index-Linked Annuities Act
Active
Amendments
Passed Senate on Dec 6, 2022
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3198
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
checkPassed on December 6, 2022
Status
Passed
Type
Unanimous Consent
Unanimous Consent
A senator may request unanimous consent on the floor to set aside a specified rule of procedure so as to expedite proceedings. If no Senator objects, the Senate permits the action, but if any one senator objects, the request is rejected. Unanimous consent requests with only immediate effects are routinely granted, but ones affecting the floor schedule, the conditions of considering a bill or other business, or the rights of other senators, are normally not offered, or a floor leader will object to it, until all senators concerned have had an opportunity to inform the leaders that they find it acceptable.
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Summary
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 must be 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performance of a specified benchmark index or rate, and (2) may be subject to a market value adjustment if amounts are withdrawn early.
Amendments (1)
Dec 06, 2022
Agreed to in Senate
2
Sponsorship
Senate Amendment 6506
In the nature of a substitute.
Agreed To
12/07/2022
Held at the desk.
12/07/2022
Received in the House.
12/07/2022
Message on Senate action sent to the House.
12/06/2022
Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S7004)
12/06/2022
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
12/06/2022
Measure laid before Senate by unanimous consent. (consideration: CR S7003-7004)
12/06/2022
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
11/04/2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
11/04/2021
Introduced in Senate
Public Record
Record Updated
Nov 9, 2023 10:13:48 PM