Lawmakers were busy introducing annuity-related bills this year as sales of the products were booming.
Sales of fixed and variable annuities were $60 billion in the second quarter of 2021, up 6% from first-quarter 2021 sales of $56.7 billion, according to the Insured Retirement Institute’s second-quarter 2021 market data, released in November. The data was reported by Beacon Annuity Solutions and Morningstar.
Sales of variable annuities other than registered index-linked annuities (RILAs) fell 4.8% to $19 billion from first-quarter sales of $20 billion, while RILAs rose 11.2% to $10.2 billion from $9.2 billion in the first quarter of 2021.
RILAs are structured variable products that use index options to provide both upside potential and downside protection. One of the bills introduced this year deals with the products.
See the gallery above for the top 10 annuity-related bills introduced this year.