House Bill 6994
116th Congress(2019-2020)
Registration for Index-Linked Annuities Act
Introduced
Introduced in House on May 22, 2020
Origin Chamber
House
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
6994
Congress
116
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.
Dean Phillips
grade
Minnesota
California
California
Colorado
Illinois
Indiana
Michigan
Missouri
Ohio
Washington
West Virginia
No House votes have been held for this bill.
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.
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 index rate or other financial tracking vehicle, (2) are subject to modification by a financial calculation mechanism, and (3) may be subject to a market value adjustment if amounts are withdrawn early.
May 22, 2020
05/22/2020
Referred to the House Committee on Financial Services.
05/22/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:42:50 PM