To direct the Secretary of the Treasury to modify Treasury Regulations relating to insurance-dedicated exchange-traded funds.
- Last Action
- 4/30/2021
Actions
- 2021-04-30Referred to the House Committee on Ways and Means.
- 2021-04-30Introduced in House
- 2021-04-30Introduced in House
CRS Summary
As of 2021-04-30 (00)
This bill requires the Department of the Treasury, within five years of the enactment of this bill, to modify its regulations relating to Income Tax; Diversification Requirements for Variable Annuity, Endowment, and Life Insurance Contracts to facilitate the use of exchange-traded funds as investment options under certain variable contracts.
An exchange-traded fund means a regulated investment company, partnership, or trust (1) that is registered with the Securities and Exchange Commission as an open-end investment company or a unit investment trust, (2) the shares of which can be directly purchased or redeemed only by an authorized participant (i.e., a financial institution that is a member or participant of a registered clearing agency), and (3) the shares of which are traded throughout the day on a national stock exchange at market prices that may or may not be the same as the net asset value of the shares.
Cosponsors (1)
- Thomas Suozzi (D-NY)
Subjects
- Administrative law and regulatory procedures
- Department of the Treasury
- Financial services and investments
- Insurance industry and regulation
- Life, casualty, property insurance
- Securities
Sourced from Congress.gov (public domain).
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