I 
117TH CONGRESS 
1ST SESSION H. R. 4865 
To direct the Securities and Exchange Commission to revise any rules nec-
essary to enable issuers of index-linked annuities to register on a form 
tailored specifically to registered index-linked annuities. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 30, 2021 
Ms. ADAMS (for herself, Mr. PHILLIPS, and Mr. GONZALEZ of Ohio) intro-
duced the following bill; which was referred to the Committee on Finan-
cial Services 
A BILL 
To direct the Securities and Exchange Commission to revise 
any rules necessary to enable issuers of index-linked an-
nuities to register on a form tailored specifically to reg-
istered index-linked annuities. 
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 ‘‘Registration for Index- 
Linked Annuities Act’’. 
SEC. 2. PARITY FOR REGISTERED INDEX-LINKED ANNU-
ITIES REGARDING REGISTRATION RULES. 
(a) DEFINITIONS.—In this section: 
VerDate Sep 11 2014 
03:31 Aug 19, 2021
Jkt 019200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4865.IH
H4865
pbinns on DSKJLVW7X2PROD with BILLS
(1) INVESTMENT COMPANY.—The term ‘‘invest-
ment company’’ has the meaning given the term in 
section 3 of the Investment Company Act of 1940 
(15 U.S.C. 80a–3). 
(2) MARKET VALUE ADJUSTMENT.—The term 
‘‘market value adjustment’’ means, with respect to a 
registered index-linked annuity— 
(A) an adjustment to the value of such an-
nuity based on calculations using a predeter-
mined formula; or 
(B) a change in interest rates (or other 
factor, as determined by the Securities and Ex-
change Commission) that applies to such annu-
ity following an early withdrawal or contract 
discontinuance. 
(3) 
PURCHASER.—The 
term 
‘‘purchaser’’ 
means a purchaser of a registered index-linked an-
nuity. 
(4) REGISTERED
INDEX-LINKED
ANNUITY.— 
The term ‘‘registered index-linked annuity’’ means 
an annuity that— 
(A) is deemed a security; 
(B) is required to be registered with the 
Securities and Exchange Commission; 
VerDate Sep 11 2014 
03:31 Aug 19, 2021
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4865.IH
H4865
pbinns on DSKJLVW7X2PROD with BILLS
(C) is issued by an insurance company 
that is subject to the supervision of the insur-
ance commissioner of the applicable State; 
(D) is not issued by an investment com-
pany; and 
(E) the returns of which— 
(i) are based on the performance of a 
specified benchmark index or rate; and 
(ii) may be subject to a market value 
adjustment if amounts are withdrawn prior 
to the end of the period during which such 
adjustment applies. 
(5) SECURITY.—The term ‘‘security’’ has the 
meaning given the term in section 2(a) of the Secu-
rities Act of 1933 (15 U.S.C. 77b(a)). 
(b) REVISION TO RULES.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, the Se-
curities and Exchange Commission shall propose 
and, not later than 18 months after the date of en-
actment of this Act, the Commission shall prepare 
and finalize any new or amended rules, as appro-
priate, to establish a new form in accordance with 
paragraph (2) on which an issuer of a registered 
index-linked annuity may register such registered 
VerDate Sep 11 2014 
03:31 Aug 19, 2021
Jkt 019200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4865.IH
H4865
pbinns on DSKJLVW7X2PROD with BILLS
index-linked annuity, subject to conditions the Com-
mission determines appropriate. 
(2) DESIGN OF FORM.—In developing the form 
to be established under paragraph (1), the Securities 
and Exchange Commission shall— 
(A) design such form to ensure that pur-
chaser using such form receive the information 
necessary to make knowledgeable decisions, tak-
ing into account— 
(i) the availability of information; 
(ii) the knowledge and sophistication 
of such purchasers; 
(iii) the complexity of the registered 
index-linked annuity; and 
(iv) any other factors the Commission 
determines appropriate; and 
(B) engage in investor testing and incor-
porate the results of such testing in the design 
of the form, with the goal of ensuring that key 
information is conveyed in terms that a pur-
chaser is able to understand. 
(c) TREATMENT IF REVISIONS NOT COMPLETED IN 
A TIMELY MANNER.—If the Securities and Exchange 
Commission fails to complete the revisions required by 
subsection (b)(1) by the time required by such subsection, 
VerDate Sep 11 2014 
03:31 Aug 19, 2021
Jkt 019200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H4865.IH
H4865
pbinns on DSKJLVW7X2PROD with BILLS