I 
117TH CONGRESS 
2D SESSION 
H. R. 9515 
To amend the Employee Retirement Income Security Act of 1974. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 13, 2022 
Mr. MORELLE introduced the following bill; which was referred to the 
Committee on Education and Labor 
A BILL 
To amend the Employee Retirement Income Security Act 
of 1974. 
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 ‘‘General Accounts 
Product Clarifications Act’’. 
SEC. 2. APPLICATION OF ERISA TO INSURANCE COMPANY 
GENERAL 
ACCOUNTS 
AND 
GENERAL 
AC-
COUNT CONTRACTS. 
(a) Section 3(21) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1002(21)) is amended— 
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(1) in subparagraph (A), by striking ‘‘subpara-
graph (B)’’ and inserting ‘‘subparagraphs (B) and 
(C)’’; and 
(2) by adding the following new subparagraph 
(C): 
‘‘(C) If any money or other property of an 
employee benefit plan is contributed to a gen-
eral account policy (as defined in section 
401(b)(2)(B)) offered by an insurer, such con-
tribution shall not by itself cause such insurer 
to be deemed to be a fiduciary or a party in in-
terest as those terms are defined in this title, 
except insofar as such insurer acts in connec-
tion with an employee benefit plan covering em-
ployees of the insurer. Nothing contained in 
this subparagraph shall limit the duties imposed 
on such insurer by any other law.’’. 
(b) Section 401 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1101) is amended— 
(1) by amending subsection (b)(2) to read as 
follows: 
‘‘(2) In the case of a plan which contributes to 
a general account policy offered by an insurer, the 
assets of such plan shall be deemed to include the 
insurance promises and guarantees granted to the 
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plan under such policy, subject to any reserved 
rights of the insurer, but shall not be deemed to in-
clude the general account policy, any contractual 
rights reserved to the insurer under such policy, or 
any other assets of the insurer. For purposes of this 
paragraph: 
‘‘(A) The term ‘insurer’ means an insur-
ance company, insurance service, or insurance 
organization, qualified to do business in a 
State. 
‘‘(B) The term ‘general account policy’ 
means an insurance policy or contract offered 
by an insurer to the extent that such policy or 
contract allocates amounts to the insurer’s gen-
eral account, including any surplus in a sepa-
rate account but excluding any other portion of 
a separate account.’’; and 
(2) by striking subsection (c). 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall be given retroactive effect and shall apply 
effective as of the date that is six years prior to the date 
of enactment. 
Æ 
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