Sec. 989J. FURTHER PROMOTING THE ADOPTION OF THE NAIC MODEL REGULATIONS THAT ENHANCE PROTECTION OF SENIORS AND OTHER CONSUMERS
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## SEC. 989J FURTHER PROMOTING THE ADOPTION OF THE NAIC MODEL REGULATIONS THAT ENHANCE PROTECTION OF SENIORS AND OTHER CONSUMERS **[**[15 U.S.C. 77c note](/us/usc/t15/s77c)**]** ###
(a)In General The Commission shall treat as exempt securities described under section 3(a)(8) of the Securities Act of 1933 (15 U.S.C. 77c(a)(8)) any insurance or endowment policy or annuity contract or optional annuity contract— ####
(1)the value of which does not vary according to the performance of a separate account; ####
(2)that— #####
(A)satisfies standard nonforfeiture laws or similar requirements of the applicable State at the time of issue; or #####
(B)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; and ####
(3)that is issued— #####
(A)on and after June 16, 2013, in a State, or issued by an insurance company that is domiciled in a State, that— ######
(i)adopts rules that govern suitability requirements in the sale of an insurance or endowment policy or annuity contract or optional annuity contract, which shall substantially meet or exceed the minimum requirements established by the Suitability in Annuity Transactions Model Regulation adopted by the National Association of Insurance Commissioners in March 2010; and ######
(ii)adopts rules that substantially meet or exceed the minimum requirements of any successor modifications to the model regulations described in subparagraph
(A)within 5 years of the adoption by the Association of any further successors thereto; or #####
(B)by an insurance company that adopts and implements practices on a nationwide basis for the sale of any insurance or endowment policy or annuity contract or optional annuity contract that meet or exceed the minimum requirements established by the National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation (Model 275), and any successor thereto, and is therefore subject to examination by the State of domicile of the insurance company, or by any other State where the insurance company conducts sales of such products, for the purpose of monitoring compliance under this section. ###
(b)Rule of Construction Nothing in this section shall be construed to affect whether any insurance or endowment policy or annuity contract or optional annuity contract that is not described in this section is or is not an exempt security under section 3(a)(8) of the Securities Act of 1933 (15 U.S.C. 77c(a)(8)). * * * * * * * # TITLE X BUREAU OF CONSUMER FINANCIAL PROTECTION
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Sec. 989J
FURTHER PROMOTING THE ADOPTION OF THE NAIC MODEL REGULATIONS THAT ENHANCE PROTECTION OF SENIORS AND OTHER CONSUMERS
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