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House Bill 6994
116th Congress(2019-2020)
Registration for Index-Linked Annuities Act
Introduced
Introduced
Introduced in House on May 22, 2020
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Introduced in House 
May 22, 2020
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Introduced in House(May 22, 2020)
May 22, 2020
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 6994 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 6994


To direct the Securities and Exchange Commission to revise any rules necessary to enable issuers of index-linked annuities to use the securities offering forms that are available to other issuers of securities.

IN THE HOUSE OF REPRESENTATIVES

May 22, 2020

Mr. Phillips (for himself and Mr. Stivers) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To direct the Securities and Exchange Commission to revise any rules necessary to enable issuers of index-linked annuities to use the securities offering forms that are available to other issuers of securities.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Registration for Index-Linked Annuities Act”.

SEC. 2. Parity for registered index linked annuities regarding registration rules.

(a) Definition.—In this section, the term “registered index linked annuity” means an annuity that—

(1) is deemed a security;

(2) is required to be registered with the Securities and Exchange Commission;

(3) that is issued by an insurance company that is subject to the supervision of the insurance commissioner of the applicable State;

(4) is not issued by an investment company; and

(5) the returns of which—

(A) are based on the performance of a specified index rate or other financial tracking vehicle;

(B) are subject to a modification of positive and negative returns by a financial calculation mechanism; and

(C) may be subject to a market value adjustment if amounts are withdrawn prior to the end of the period during which such adjustment applies.

(b) Revision to rules.—Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall propose and, not later than 1 year after the date of enactment of this Act, the Commission shall prepare and finalize any new or amended rules, as appropriate, to establish a new form on which an issuer of a registered index linked annuity may register such registered index linked annuity, subject to conditions the Commission determines appropriate. Any action that the Securities and Exchange Commission takes pursuant to this subsection shall consider the availability of information to investors.

(c) Treatment if revisions not completed in a timely manner.—If the Securities and Exchange Commission fails to complete the revisions required by subsection (b) by the time required by such subsection, any registered index linked annuity may be registered on the form described in section 239.17b of title 17, Code of Federal Regulations. Such registration shall be prepared pursuant to applicable provisions of the form.

(d) Rule of construction.—Nothing in this Act shall be construed to limit the authority of the Securities and Exchange Commission to determine the information to be requested in the form described in subsection (b).