S. 3795 · 116th Congress
Registration for Index Linked Annuities Act of 2020
- Stage
- In committee
- Sponsor
- Tina Smith
- Introduced
- 2020-05-21
- Latest action
- 2020-05-21 · Introduced in Senate
Summary
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modification by a financial calculation mechanism, and (3) may be subject to a market value adjustment if amounts are withdrawn early.