A bill to amend the Internal Revenue Code of 1954 with respect to certain annuity contracts.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that life insurance contracts shall not be denied treatment either as variable annuity contracts or as contracts with reserves based on a segregated asset account merely because they permit persons to direct the investment of assets in segregated accounts, or because those accounts may be established with persons other than the issuers.…