Congress is poised to start a transformation of the U.S. financial services sector by passing the H.R. 4173 conference report.
The H.R. 4173, the bill probably would have more of a direct effect on banks and securities firms than on life insurers, but sections would, for example, create a Federal Insurance Office at the U.S. Treasury Department and overhaul the laws governing the rating agencies. Other sections could classify most indexed annuities as insurance products, change marketing rules for all annuities, affect life insurance companies’ hedging arrangements, and give a federal entity a role in resolving problems at large, troubled insurers.
The House already has passed the H.R. 4173, and Senate leaders hope to bring the bill up for consideration there Thursday.
Here is an updated version of a H.R. 4173 coverage guide that we ran in May, back in the prehistoric days when the Senate version of the bill was still called S. 3217.