,,ii  #aag? ,,congress  #a/ ,session    
,s4 #caih  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #d1 #bjba,ms4 
,smi? 7= h]self & ,mr4 ,tillis7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to direct ! ,securities &      
,ex*ange ,commission to revise any rules
 necess>y to enable issu]s ( index-l9k$ 
annuities to regi/] on a =m tailor$     
specifically to regi/]$ index-l9k$      
annuities1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z !         
,regi/ration = ,index-,l9k$ ,annuities  
,act4  #b4 ,p>ity = regi/]$ index-l9k$  
annuities reg>d+ regi/ration rules  7a7 
,def9itions ,9 ?is section3 7#a7        
,commission ,! t]m ,commission means !  
,securities & ,ex*ange ,commission4     
7#b7 ,inve/m5t company ,! t]m inve/m5t  
company has ! mean+ giv5 ! t]m 9 section
 #c ( ! ,inve/m5t ,company ,act ( #aidj 
7#ae ,u4,s4,c4 #hj;a-#c74  7#c7 ,m>ket  
value adju/m5t ,! t]m m>ket value       

adju/m5t means1 ) respect to a regi/]$  
index-l9k$ annuity-- 7,a7 an adju/m5t to
 ! value ( t annuity bas$ on            
calculations us+ a pr$et]m9$ =mula2 or  
7,b7 a *ange 9 int]e/ rates 7or o!r     
factor1 z det]m9$ by ! ,commission7 t   
applies to t annuity aft] an e>ly       
)drawal or contract discont9uance4  7#d7
 ,pur*as] ,! t]m pur*as] means a pur*as]
 ( a regi/]$ index-l9k$ annuity4  7#e7  
,regi/]$ index-l9k$ annuity ,! t]m      
regi/]$ index-l9k$ annuity means an     
annuity-- 7,a7 t is deem$ to be a       
security2  7,b7 t is requir$ to be      
regi/]$ ) ! ,commission2  7,c7 t is     
issu$ by an insurance company t is      
subject to ! sup]vision ( ! insurance   
commission] ( ! applicable ,/ate2  7,d7 
t is n issu$ by an inve/m5t company2 &  
7,e7 ! returns ( :i*-- 7i7 are bas$ on !
 p]=mance ( a specifi$ b5*m>k index or  
rate2 &  7ii7 may be subject to a m>ket 
value adju/m5t if am\nts are )drawn be=e
 ! end ( ! p]iod dur+ :i* t m>ket value 
adju/m5t applies4  7#f7 ,security ,! t]m

 security has ! mean+ giv5 ! t]m 9      
section #b7;a7 ( ! ,securities ,act (   
#aicc 7#ae ,u4,s4,c4 #gg;b7a774  7b7    
,rules  7#a7 ,9 g5]al ,n lat] ?an #ahj  
days aft] ! date ( enactm5t ( ?is ,act1 
! ,commission %all propose1 &1 n lat]   
?an #ah mon?s aft] ! date ( enactm5t (  
?is ,act1 ! ,commission %all prep>e &   
f9alize1 new or am5d$ rules1 z          
appropriate1 to e/abli% a new =m 9      
accordance ) p>agraph 7#b7 on :i* an    
issu] ( a regi/]$ index-l9k$ annuity may
 regi/] t regi/]$ index-l9k$ annuity1   
subject to conditions ! ,commission     
det]m9es appropriate4  7#b7 ,design ( =m
 ,9 develop+ ! =m to be e/abli%$ "u     
p>agraph 7#a71 ! ,commission %all-- 7,a7
 design ! =m to ensure t a pur*as] us+ !
 =m receives ! in=mation necess>y to    
make kn[l$geable decisions1 tak+ into   
acc\nt-- 7i7 ! availability ( in=mation2
  7ii7 ! k & sophi/ication ( t class (  
pur*as]s2  7iii7 ! complexity ( !       
regi/]$ index-l9k$ annuity2 &  7iv7 any 
o!r factor ! ,commission det]m9es       

appropriate2  7,b7 engage 9 inve/or     
te/+2 &  7,c7 incorporate ! results ( ! 
te/+ requir$ "u subp>agraph 7,b7 9 !    
design ( ! =m1 ) ! goal ( ensur+ t key  
in=mation is convey$ 9 t]ms t a pur*as] 
is able to und]/&4  7c7 ,treatm5t if    
rules n prep>$ & f9aliz$ 9 a timely     
mann]  7#a7 ,9 g5]al ,if1 z ( ! date t  
is #ah mon?s aft] ! date ( enactm5t (   
?is ,act1 ! ,commission has fail$ to    
prep>e & f9alize ! rules requir$ "u     
subsection 7b77#a71 any regi/]$         
index-l9k$ annuity may be regi/]$ on !  
=m describ$ 9 section #bci4ag;b ( title 
#ag1 ,code ( ,f$]al ,regulations1 or any
 successor regulation4  7#b7 ,prep>ation
 ,a regi/ration describ$ 9 p>agraph 7#a7
 %all be prep>$ pursuant to applicable  
provisions ( ! =m describ$ 9 t p>agraph4
  7d7 ,rules ( con/ruction ,no?+ 9 ?is  
section may be con/ru$ to-- 7#a7 limit !
 au?ority ( ! ,commission to det]m9e !  
in=mation to be reque/$ 9 ! =m describ$ 
9 subsection 7b72 or  7#b7 preempt any  
,/ate law1 regulation1 rule1 or ord]4