S.1389 - Fixed Indexed Annuities and Insurance Products Classification Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Nelson, Ben [D-NE] (Introduced 06/25/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||06/25/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1389 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in Senate (06/25/2009)
Fixed Indexed Annuities and Insurance Products Classification Act of 2009 - Amends the Securities Act of 1933 to include within the class of securities exempt from its coverage any insurance or endowment policy or annuity contract or optional annuity contract: (1) whose value does not vary according to the performance of a separate account; and (2) which satisfies 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 Annuities, or any successor model law, as published by the National Association of Insurance Commissioners.
Declares without force or effect Rule 151A promulgated by the Securities and Exchange Commission (SEC) on January 16, 2009, and entitled "Indexed Annuities and Certain Other Insurance Contracts."