[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1574 Referred in Senate (RFS)]

  1st Session
                                H. R. 1574


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                   IN THE SENATE OF THE UNITED STATES

                           December 13, 1995

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

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                                 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:

                                                ROBIN H. CARLE,

                                                                 Clerk.