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 re-
ferred to the Committee on Financial Services 
A BILL 
To clarify the exemption for certain annuity contracts and 
insurance policies from Federal regulation under the Se-
curities Act of 1933. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fixed Indexed Annu-
ities and Insurance Products Classification Act of 2009’’. 
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SEC. 2. FINDINGS AND PURPOSE. 
(a) FINDINGS.—The Congress makes the following 
findings: 
(1) Primary jurisdiction for regulating life in-
surance and annuities is vested with the States and 
Territories of the United States and the District of 
Columbia. 
(2) Indexed insurance and annuity products of-
fered by insurance companies are subject to a wide 
array of laws and regulations enforced by States and 
applicable jurisdictions, including nonforfeiture re-
quirements that provide for minimum guaranteed 
values, thereby protecting consumers against market 
related losses. 
(3) Adoption of Rule 151A by the Securities 
and Exchange Commission, entitled ‘‘Indexed Annu-
ities and Certain Other Insurance Products’’, 74 
Fed. Reg. 3138 (January 16, 2009), interferes with 
State insurance regulation, harms the insurance in-
dustry, reduces competition, restricts consumer 
choice, creates unnecessary and excessive regulatory 
burdens, and diverts Commission resources, all of 
which outweighs any perceived benefits. 
(b) PURPOSE.—The purpose of this Act is to nullify 
rule 151A and clarify the scope of the exemption for annu-
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ities and insurance contracts from Federal regulation 
under the Securities Act of 1933. 
SEC. 3. SCOPE OF EXEMPTION FROM FEDERAL SECURITIES 
REGULATION. 
Section 3(a)(8) of the Securities Act of 1933 (15 
U.S.C. 77c (a)(8)) is amended by inserting before the 
semicolon the following: ‘‘, and any insurance or endow-
ment policy or annuity contract or optional annuity con-
tract (A) the value of which does not vary according to 
the performance of a separate account, and (B) which sat-
isfies standard nonforfeiture laws or similar requirements 
of the applicable State, Territory, or District of Columbia 
at time of issue, or in the absence of applicable standard 
nonforfeiture laws or requirements, satisfies the Model 
Standard Nonforfeiture Law for Life Insurance or Model 
Standard Nonforfeiture Law for Individual Deferred An-
nuities, or any successor model law, as published by the 
National Association of Insurance Commissioners.’’. 
SEC. 4. NULLIFICATION OF CERTAIN FEDERAL SECURITIES 
REGULATIONS. 
Rule 151A promulgated by the Securities and Ex-
change Commission and entitled ‘‘Indexed Annuities and 
Certain Other Insurance Contracts’’, 74 Fed. Reg. 3138 
(January 16, 2009), shall have no force or effect. 
Æ 
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