Skip to main content
HOUSE 2951117th CongressReferred to the House Committee on Ways and Means.

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
Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.