,,ii  #aagth ,,congress  #ast ,session  
,s4 #caih  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,november #d1  
#bjba,ms4 ,smith 7for herself and ,mr4  
,tillis7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,banking1 ,housing1 and  
,urban ,affairs  ,a ,,bill  ,to direct  
the ,securities and ,exchange           
,commission to revise any rules         
necessary to enable issuers of          
index-linked annuities to register on a 
form tailored specifically to registered
 index-linked annuities1 and for other  
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,registration for   
,index-,linked ,annuities ,act4  #b4    
,parity for registered index-linked     
annuities regarding registration rules  
7a7 ,definitions ,in this section3 7#a7 
,commission ,the term ,commission means 
the ,securities and ,exchange           
,commission4  7#b7 ,investment company  
,the term investment company has the    
meaning given the term in section #c of 

the ,investment ,company ,act of #aidj  
7#ae ,u4,s4,c4 #hj;a-#c74  7#c7 ,market 
value adjustment ,the term market value 
adjustment means1 with respect to a     
registered index-linked annuity-- 7,a7  
an adjustment to the value of that      
annuity based on calculations using a   
predetermined formula2 or  7,b7 a change
 in interest rates 7or other factor1 as 
determined by the ,commission7 that     
applies to that annuity after an early  
withdrawal or contract discontinuance4  
7#d7 ,purchaser ,the term purchaser     
means a purchaser of a registered       
index-linked annuity4  7#e7 ,registered 
index-linked annuity ,the term          
registered index-linked annuity means an
 annuity-- 7,a7 that is deemed to be a  
security2  7,b7 that is required to be  
registered with the ,commission2  7,c7  
that is issued by an insurance company  
that is subject to the supervision of   
the insurance commissioner of the       
applicable ,state2  7,d7 that is not    
issued by an investment company2 and    

7,e7 the returns of which-- 7i7 are     
based on the performance of a specified 
benchmark index or rate2 and  7ii7 may  
be subject to a market value adjustment 
if amounts are withdrawn before the end 
of the period during which that market  
value adjustment applies4  7#f7         
,security ,the term security has the    
meaning given the term in section #b7;a7
 of the ,securities ,act of #aicc 7#ae  
,u4,s4,c4 #gg;b7a774  7b7 ,rules  7#a7  
,in general ,not later than #ahj days   
after the date of enactment of this     
,act1 the ,commission shall propose1    
and1 not later than #ah months after the
 date of enactment of this ,act1 the    
,commission shall prepare and finalize1 
new or amended rules1 as appropriate1 to
 establish a new form in accordance with
 paragraph 7#b7 on which an issuer of a 
registered index-linked annuity may     
register that registered index-linked   
annuity1 subject to conditions the      
,commission determines appropriate4     
7#b7 ,design of form ,in developing the 

form to be established under paragraph  
7#a71 the ,commission shall-- 7,a7      
design the form to ensure that a        
purchaser using the form receives the   
information necessary to make           
knowledgeable decisions1 taking into    
account-- 7i7 the availability of       
information2  7ii7 the knowledge and    
sophistication of that class of         
purchasers2  7iii7 the complexity of the
 registered index-linked annuity2 and   
7iv7 any other factor the ,commission   
determines appropriate2  7,b7 engage in 
investor testing2 and  7,c7 incorporate 
the results of the testing required     
under subparagraph 7,b7 in the design of
 the form1 with the goal of ensuring    
that key information is conveyed in     
terms that a purchaser is able to       
understand4  7c7 ,treatment if rules not
 prepared and finalized in a timely     
manner  7#a7 ,in general ,if1 as of the 
date that is #ah months after the date  
of enactment of this ,act1 the          
,commission has failed to prepare and   

finalize the rules required under       
subsection 7b77#a71 any registered      
index-linked annuity may be registered  
on the form described in section        
#bci4ag;b of title #ag1 ,code of        
,federal ,regulations1 or any successor 
regulation4  7#b7 ,preparation ,a       
registration described in paragraph 7#a7
 shall be prepared pursuant to          
applicable provisions of the form       
described in that paragraph4  7d7 ,rules
 of construction ,nothing in this       
section may be construed to-- 7#a7 limit
 the authority of the ,commission to    
determine the information to be         
requested in the form described in      
subsection 7b72 or  7#b7 preempt any    
,state law1 regulation1 rule1 or order4