Lawmakers introduced legislation Friday that would require the SEC to devise a new and more tailored form for annuity issuers to use when filing registered index-linked annuities (RILAs).
The bipartisan bill, the Registration for Index Linked Annuities (RILA) Act, S. 3795, was introduced by Sens. Tina Smith, D-Minn., and Thom Tillis, R-N.C., as well as Reps. Dean Phillips, D-Minn., and Steve Stivers, R-Ohio.
The Insured Retirement Institute said the legislation “will address the misalignment between the current registration forms used for RILAs and the information needed by investors who might benefit from purchasing these products.”
IRI had asked for such 2020 Federal Retirement Security Blueprint, which was released earlier this year.