II 

116TH CONGRESS 

2D SESSION S. 3795 

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 SENATE OF THE UNITED STATES 

MAY 21, 2020 

Ms. SMITH (for herself and Mr. TILLIS) introduced the following bill; which 

was read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

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 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Registration for Index 

5 Linked Annuities Act of 2020’’. 


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•S 3795 IS

1 SEC. 2. PARITY FOR REGISTERED INDEX LINKED ANNU2 ITIES REGARDING REGISTRATION RULES. 

3 (a) DEFINITION.—In this section, the term ‘‘reg4 istered index linked annuity’’ means an annuity that— 

5 (1) is deemed a security; 

6 (2) is required to be registered with the Securi7 ties and Exchange Commission; 

8 (3) that is issued by an insurance company that 

9 is subject to the supervision of the insurance com10 missioner of the applicable State; 

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

12 and 

13 (5) the returns of which— 

14 (A) are based on the performance of a 

15 specified index rate or other financial tracking 

16 vehicle; 

17 (B) are subject to a modification of posi18 tive and negative returns by a financial calcula19 tion mechanism; and 

20 (C) may be subject to a market value ad21 justment if amounts are withdrawn prior to the 

22 end of the period during which such adjustment 

23 applies. 

24 (b) REVISION TO RULES.—Not later than the end of 

25 the 180-day period beginning on the date of enactment 

26 of this Act, the Securities and Exchange Commission shall 


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•S 3795 IS

1 propose and, not later than 1 year after the date of enact2 ment of this Act, the Commission shall prepare and final3 ize any new or amended rules, as appropriate, to establish 

4 a new form on which an issuer of a registered index linked 

5 annuity may register such registered index linked annuity, 

6 subject to conditions the Commission determines appro7 priate. Any action that the Securities and Exchange Com8 mission takes pursuant to this subsection shall consider 

9 the availability of information to investors. 

10 (c) TREATMENT IF REVISIONS NOT COMPLETED IN

11 A TIMELY MANNER.—If the Securities and Exchange 

12 Commission fails to complete the revisions required by 

13 subsection (b) by the time required by such subsection, 

14 any registered index linked annuity may be registered on 

15 the form described in section 239.17b of title 17, Code 

16 of Federal Regulations. Such registration shall be pre17 pared pursuant to applicable provisions of the form. 

18 (d) RULE OF CONSTRUCTION.—Nothing in this Act 

19 shall be construed to limit the authority of the Securities 

20 and Exchange Commission to determine the information 

21 to be requested in the form described in subsection (b). 

Æ 


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