Trade Groups Urge House Vote On Index-Linked Annuities Bill
September 26, 2022 by Tracey Longo
Five insurance industry trade associations are asking the leadership of the U.S. House Financial Services Committee to bring legislation to the House floor that would expand the use of registered index-linked annuities—a vote they’re hoping to get before the midterm elections.
The legislation, known as the Registration for Index Linked Annuities Act, cleared the Financial Services Committee at the end of July. The bill is designed to provide cost savings to insurers and variable annuities companies by requiring the Securities and Exchange Commission to create a streamlined registration and disclosure form specifically for these products, which the industry calls “RILAs.” The current process is more akin to those designed for equity offerings, the trade groups said in a letter to Chairwoman Maxine Waters and committee leadership Monday.
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