A bill has been introduced in the House of Representatives that would require the Securities and Exchange Commission to revamp the registration form for registered index-linked annuities, or RILAs.
Under current SEC rules, these and other annuity products must be registered using forms that are designed primarily for equity offerings and therefore require extensive information that may not be relevant to prospective annuity purchasers, according to the Insured Retirement Institute, a trade group for the annuity business.
“These forms also require disclosure of financial information prepared in accordance with generally accepted accounting principles, which many insurers are not otherwise required to produce,” the IRI said in a letter in support of the legislation.
If enacted, the bill — the Registration for Index Linked Annuities Act — would “lower barriers to innovative retirement income products” IRI said.
Rep. Alma Adams (D-North Carolina), Rep. Dean Phillips (D-Minnesota), and Rep. Anthony Gonzalez (R-Ohio) introduced the measure.
“The White House has extremely strict ethical guidelines with respect to issues like this,” said Press Secretary Karoline Leavitt.
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