S. 1389 would clarify the exemption for certain annuity contracts and insurance policies from Federal regulation under the Securities Act of 1933.

== Detailed Summary ==

<summary>
(Log in to edit the wikiFixed Indexed Annuities and beInsurance Products Classification Act of 2009 - Amends the firstSecurities Act of 1933 to provideinclude within the class of securities exempt from its coverage any insurance or endowment policy or annuity contract or optional annuity contract: (1) whose value does not vary according to the performance of a detailed summaryseparate account; and (2) which satisfies standard nonforfeiture laws or similar requirements of the bill!)applicable state, Territory, or District of Columbia at time of issue or, in the absence of applicable standard nonforfeiture laws or requirements, satisfies the Model Standard Nonforfeiture Law for Life Insurance or Model Standard Nonforfeiture Law for Individual Deferred Annuities, or any successor model law, as published by the National Association of Insurance Commissioners.

Declares without force or effect Rule 151A promulgated by the Securities and Exchange Commission (SEC) on January 16, 2009, and entitled &quot;Indexed Annuities and Certain Other Insurance Contracts.&quot;
</summary>

<!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. -->

== Status of the Legislation ==

<status>
Latest Major Action: 6/25/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
</status>

<!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. -->

== Points in Favor ==

(Log in to edit the wiki and be the first to show why the bill should pass!)
<!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! -->

== Points Against ==

(Log in to edit the wiki and be the first to show why the bill should not pass!)
<!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! -->