S.3795 - Registration for Index Linked Annuities Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Smith, Tina [D-MN] (Introduced 05/21/2020)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/21/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
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Summary: S.3795 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/21/2020)
Registration for Index-Linked Annuities Act of 2020
This bill requires the Securities and Exchange Commission (SEC) to create a new form for the registration of index linked annuities.
The bill defines a registered index linked annuity as an annuity that is deemed a security, that must be registered with the SEC, and that is issued by an insurance company subject to state supervision. Furthermore, the returns of these annuities (1) are based on the performance of a specified index rate or other financial tracking vehicle, (2) are subject to modification by a financial calculation mechanism, and (3) may be subject to a market value adjustment if amounts are withdrawn early.