124 STAT. 1949 PUBLIC LAW 111–203—JULY 21, 2010 on the impact of the amendments made by this Act to section 404(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262(b)), which shall include an analysis of— (1) whether issuers that are exempt from such section 404(b) have fewer or more restatements of published accounting statements than issuers that are required to comply with such section 404(b); (2) the cost of capital for issuers that are exempt from such section 404(b) compared to the cost of capital for issuers that are required to comply with such section 404(b); (3) whether there is any difference in the confidence of investors in the integrity of financial statements of issuers that comply with such section 404(b) and issuers that are exempt from compliance with such section 404(b); (4) whether issuers that do not receive the attestation for internal controls required under such section 404(b) should be required to disclose the lack of such attestation to investors; and (5) the costs and benefits to issuers that are exempt from such section 404(b) that voluntarily have obtained the attesta- tion of an independent auditor. (b) REPORT.—Not later than 3 years after the date of enactment of this Act, the Comptroller General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the results of the study required under subsection (a). SEC. 989J. FURTHER PROMOTING THE ADOPTION OF THE NAIC MODEL REGULATIONS THAT ENHANCE PROTECTION OF SENIORS AND OTHER CONSUMERS. (a) IN GENERAL.—The Commission shall treat as exempt securi- ties 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 Nonfor- feiture Law for Life Insurance or Model Standard Nonfor- feiture Law for Individual Deferred Annuities, or any suc- cessor 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 require- ments 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 15 USC 77c note.
