US SB3795 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 21 2020 - 25% progression, died in committee
Action: 2020-05-21 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 21 2020 - 25% progression, died in committee
Action: 2020-05-21 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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modification by a financial calculation mechanism, and (3) may be subject to a market value adjustment if amounts are withdrawn early.
Title
Registration for Index Linked Annuities Act of 2020
Sponsors
Sen. Tina Smith [D-MN] | Sen. Thom Tillis [R-NC] |
History
Date | Chamber | Action |
---|---|---|
2020-05-21 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Same As/Similar To
HB6994 (Related) 2020-05-22 - Referred to the House Committee on Financial Services.
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/3795/all-info |
Text | https://www.congress.gov/116/bills/s3795/BILLS-116s3795is.pdf |