I 

115TH CONGRESS 

2D SESSION H. R. 7278 

To amend the Employee Retirement Income Security Act of 1974. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 12, 2018 

Mr. ESTES of Kansas introduced the following bill; which was referred to the 

Committee on Education and the Workforce 

A BILL 

To amend the Employee Retirement Income Security Act 

of 1974. 

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

3 SECTION 1. APPLICATION OF ERISA TO INSURANCE COM4 PANY GENERAL ACCOUNTS AND GENERAL 

5 ACCOUNT CONTRACTS. 

6 (a) Section 3 of the Employee Retirement Income Se7 curity Act of 1974 is amended— 

8 (1) by adding the phrase ‘‘or (C)’’ after the 

9 phrase ‘‘subparagraph (B)’’ in subparagraph (A) to 

10 subsection (21); and 


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1 (2) by adding the following new subparagraph 

2 (C) to subsection (21): 

3 ‘‘(C) If any money or other property of an 

4 employee benefit plan is contributed to a gen5 eral account policy (as defined in section 401 

6 (b)(2)(B)), such insurer shall not be deemed to 

7 be a fiduciary or a party in interest as those 

8 terms are defined in this subchapter, respec9 tively, by reason of such contribution or the in10 surer’s issuance or administration of such gen11 eral account policy, the insurer’s exercise of 

12 contractual rights or discharge of its contrac13 tual obligations under such general account pol14 icy, or the management of the insurer’s general 

15 account, except insofar as such insurer directs 

16 the contribution on behalf of an employee ben17 efit plan covering employees of the insurer. 

18 Nothing contained in this subparagraph shall 

19 limit the duties imposed on such insurer by any 

20 other law.’’. 

21 (b) Section 401 of the Employee Retirement Income 

22 Security Act of 1974 is amended— 

23 (1) by deleting paragraph (2) of subsection (b); 

24 and 


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1 (2) by adding the following new paragraph (2) 

2 to subsection (b): 

3 ‘‘(2) In the case of a plan which contributes to 

4 a general account policy, the assets of such plan 

5 shall be deemed to include the insurance promises 

6 and guarantees granted there under to the policy7 holder, subject to any reserved rights of the insurer, 

8 but shall not be deemed to include the general ac9 count policy, any contractual rights reserved to the 

10 insurer under such policy or any other assets of the 

11 insurer, For purposes of this paragraph: 

12 ‘‘(A) The term ‘insurer’ means an insur13 ance company, insurance service, or insurance 

14 organization, qualified to do business in a 

15 State. 

16 ‘‘(B) The term ‘general account policy’ 

17 means an insurance policy or contract to the ex18 tent that such policy or contract allocates 

19 amounts to the insurer’s general account in20 cluding any surplus in a separate account but 

21 excluding any other portion of a separate ac22 count.’’; and 

23 (3) by deleting subsection (c). 


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1 (c) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply effective as of January 1, 1975. 

Æ 


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