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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. APPLICATION OF ERISA TO INSURANCE COM-
PANY GENERAL ACCOUNTS AND GENERAL 
ACCOUNT CONTRACTS. 
(a) Section 3 of the Employee Retirement Income Se-
curity Act of 1974 is amended— 
(1) by adding the phrase ‘‘or (C)’’ after the 
phrase ‘‘subparagraph (B)’’ in subparagraph (A) to 
subsection (21); and 
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(2) by adding the following new subparagraph 
(C) to subsection (21): 
‘‘(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)), such insurer shall not be deemed to 
be a fiduciary or a party in interest as those 
terms are defined in this subchapter, respec-
tively, by reason of such contribution or the in-
surer’s issuance or administration of such gen-
eral account policy, the insurer’s exercise of 
contractual rights or discharge of its contrac-
tual obligations under such general account pol-
icy, or the management of the insurer’s general 
account, except insofar as such insurer directs 
the contribution on behalf of an employee ben-
efit plan covering employees 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 is amended— 
(1) by deleting paragraph (2) of subsection (b); 
and 
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(2) by adding the following new paragraph (2) 
to subsection (b): 
‘‘(2) In the case of a plan which contributes to 
a general account policy, the assets of such plan 
shall be deemed to include the insurance promises 
and guarantees granted there under to the policy-
holder, subject to any reserved rights of the insurer, 
but shall not be deemed to include the general ac-
count 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 to the ex-
tent that such policy or contract allocates 
amounts to the insurer’s general account in-
cluding any surplus in a separate account but 
excluding any other portion of a separate ac-
count.’’; and 
(3) by deleting subsection (c). 
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