"Consumer demand for RILAs continues to accelerate because they can bring balance to retirement portfolios by allowing participation in market growth while reducing exposure to market loss, helping savers reach retirement goals," Mr. Wayne Chopus, president and CEO of the Insured Retirement Institute, said the advancement of the Registered Index-Linked Annuities Act "is a step toward giving consumers greater access to innovative products tailored to meet specific retirement needs." "We need to make sure that these products have a form that can keep consumers concisely informed," Ms. These forms are not specific to insurance products, take significant resources to complete, and include extensive information not required of other registered insurance products," according to the committee memorandum.
#AERIAL VIEW OF WASHINGTON DC REGISTRATION#
The registration forms "are primarily meant to be used to register the public offerings of equity securities during an initial public offering (IPO). The SEC currently does not offer a registration form for registered index-linked annuities therefore, insurers must use default registration forms that include extensive information and can reach 200 pages in length, Ms. Gonzalez introduced the bill in July 2021, along with Rep.
Anthony Gonzalez, R-Ohio, at the committee hearing where the bill passed unanimously via voice vote. "We should be doing more to lower barriers to innovative retirement income products, and this legislation does just that," said Rep. The House Financial Services Committee voted to advance a bipartisan bill Thursday requiring the Securities and Exchange Commission to create a new form for registering index-linked annuities, which lawmakers said will help investors save for retirement in contemporary ways.
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