[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1574 Engrossed in House (EH)]


  1st Session

                               H. R. 1574

_______________________________________________________________________

                                 AN ACT

   To amend the Federal Deposit Insurance Act to exclude certain bank 
               products from the definition of a deposit.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
104th CONGRESS
  1st Session
                                H. R. 1574

_______________________________________________________________________

                                 AN ACT


 
   To amend the Federal Deposit Insurance Act to exclude certain bank 
               products from the definition of a deposit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bank Insurance Fund and Depositor 
Protection Act of 1995''.

SEC. 2. DEFINITION OF DEPOSIT.

    Section 3(l)(5) of the Federal Deposit Insurance Act (12 U.S. C. 
1813(l)(5) is amended--
            (1) in subparagraph (A), by striking ``and'' at the end;
            (2) in subparagraph (B), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(C) any liability of an insured depository 
                institution that arises under an annuity contract, the 
                income of which is tax deferred under section 72 of the 
                Internal Revenue Code of 1986.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by section 2 shall apply to any liability of an 
insured depository that arises under an annuity contract issued on or 
after the date of enactment of this Act.

            Passed the House of Representatives December 12, 1995.

            Attest:

                                                                 Clerk.