Members of the House of Representatives have introduced a bill that could quash efforts by the U.S. Securities and Exchange Commission to claim jurisdiction over indexed annuities.
The House bill, H.R. 2733, would exempt indexed annuities and indexed insurance policies from regulation by the SEC.
Sen. Ben Nelson (D., Neb.), plans to introduce a companion bill in the Senate, according to the National Association for Fixed Annuities, Milwaukee. NAFA, which had been awaiting introduction of the bills for weeks, announced them in separate member alerts.
Reps. Greg Meeks, D-N.Y., and Tom Price, R-Ga., are the lead sponsors of the House bill. They have lined up 20 cosponsors, according to the Library of Congress legislative tracking system.
The House bill has been referred to the House Financial Services Committee.
NAFA says it is seeking a cosponsor for the Senate bill.