I 

111TH CONGRESS 

1ST SESSION H. R. 2733 

To clarify the exemption for certain annuity contracts and insurance policies 

from Federal regulation under the Securities Act of 1933. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 4, 2009 

Mr. MEEKS of New York (for himself, Mr. PRICE of Georgia, Mr. CLEAVER, 

Mr. PAUL, Mr. BOSWELL, Mr. SENSENBRENNER, Mr. CLAY, Mr. KLINE

of Minnesota, Mr. FATTAH, Mr. LATHAM, Mr. POMEROY, Mr. SESSIONS, 

Mr. LATOURETTE, Mr. DRIEHAUS, Mr. BRADY of Texas, Mr. MCCAUL, 

Mr. KIND, Mr. WILSON of Ohio, Ms. JENKINS, Mr. CULBERSON, Mr. 

WELCH, and Ms. FUDGE) introduced the following bill; which was referred to the Committee on Financial Services 

A BILL 

To clarify the exemption for certain annuity contracts and 

insurance policies from Federal regulation under the Securities Act of 1933. 

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 ‘‘Fixed Indexed Annu5 ities and Insurance Products Classification Act of 2009’’. 


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1 SEC. 2. FINDINGS AND PURPOSE. 

2 (a) FINDINGS.—The Congress makes the following 

3 findings: 

4 (1) Primary jurisdiction for regulating life in5 surance and annuities is vested with the States and 

6 Territories of the United States and the District of 

7 Columbia. 

8 (2) Indexed insurance and annuity products of9 fered by insurance companies are subject to a wide 

10 array of laws and regulations enforced by States and 

11 applicable jurisdictions, including nonforfeiture re12 quirements that provide for minimum guaranteed 

13 values, thereby protecting consumers against market 

14 related losses. 

15 (3) Adoption of Rule 151A by the Securities 

16 and Exchange Commission, entitled ‘‘Indexed Annu17 ities and Certain Other Insurance Products’’, 74 

18 Fed. Reg. 3138 (January 16, 2009), interferes with 

19 State insurance regulation, harms the insurance in20 dustry, reduces competition, restricts consumer 

21 choice, creates unnecessary and excessive regulatory 

22 burdens, and diverts Commission resources, all of 

23 which outweighs any perceived benefits. 

24 (b) PURPOSE.—The purpose of this Act is to nullify 

25 rule 151A and clarify the scope of the exemption for annuVerDate Nov 24 2008 02:46 Jun 06, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2733.IH H2733

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•HR 2733 IH

1 ities and insurance contracts from Federal regulation 

2 under the Securities Act of 1933. 

3 SEC. 3. SCOPE OF EXEMPTION FROM FEDERAL SECURITIES 

4 REGULATION. 

5 Section 3(a)(8) of the Securities Act of 1933 (15 

6 U.S.C. 77c (a)(8)) is amended by inserting before the 

7 semicolon the following: ‘‘, and any insurance or endow8 ment policy or annuity contract or optional annuity con9 tract (A) the value of which does not vary according to 

10 the performance of a separate account, and (B) which sat11 isfies standard nonforfeiture laws or similar requirements 

12 of the applicable State, Territory, or District of Columbia 

13 at time of issue, or in the absence of applicable standard 

14 nonforfeiture laws or requirements, satisfies the Model 

15 Standard Nonforfeiture Law for Life Insurance or Model 

16 Standard Nonforfeiture Law for Individual Deferred An17 nuities, or any successor model law, as published by the 

18 National Association of Insurance Commissioners.’’. 

19 SEC. 4. NULLIFICATION OF CERTAIN FEDERAL SECURITIES 

20 REGULATIONS. 

21 Rule 151A promulgated by the Securities and Ex22 change Commission and entitled ‘‘Indexed Annuities and 

23 Certain Other Insurance Contracts’’, 74 Fed. Reg. 3138 

24 (January 16, 2009), shall have no force or effect. 

Æ 


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