Fixed Indexed Annuities and Insurance Products Classification Act of 2009
Latest action · Jun 25, 2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 25, 2009
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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."
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Jun 25, 2009 to Jan 28, 2010; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Sam Brownback | Original | Jun 25, 2009 |
| R-GA | Saxby Chambliss | Original | Jun 25, 2009 |
| D-IA | Tom Harkin | Original | Jun 25, 2009 |
| R-LA | David Vitter | Jul 6, 2009 | |
| R-GA | Johnny Isakson | Jul 15, 2009 | |
| R-NC | Richard Burr | Jul 29, 2009 | |
| D-AR | Blanche L. Lincoln | Oct 13, 2009 | |
| D-VT | Patrick J. Leahy | Oct 29, 2009 | |
| R-IA | Chuck Grassley | Nov 16, 2009 | |
| D-AR | Mark L. Pryor | Dec 6, 2009 | |
| R-UT | Robert F. Bennett | Dec 11, 2009 | |
| D-MD | Barbara A. Mikulski | Dec 15, 2009 | |
| R-NE | Mike Johanns | Jan 20, 2010 | |
| R-MS | Thad Cochran | Jan 26, 2010 | |
| R-MS | Roger F. Wicker | Jan 28, 2010 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jun 25, 2009 |
Actions 2
Everything that happened, newest first.
- Jun 25, 2009Introduced in Senate
- Jun 25, 2009Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R41372 | The Dodd-Frank Wall Street Reform and Consumer Protection Act: Insurance Provisions Archived | Report | Aug 17, 2010 |
| R40656 | Securities and Exchange Commission Rule 151A and Annuities: Issues and Legislation Archived | Report | Jul 29, 2010 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2733 | Fixed Indexed Annuities and Insurance Products Classification Act of 2009 | Identical bill | Jun 4, 2009 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to clarify the exemption for certain annuity contracts and insurance policies from Federal regulation under the Securities Act of 1933.
- Short Titles as Introduced
- Fixed Indexed Annuities and Insurance Products Classification Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jun 25, 2009Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
