A bill to amend the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940 to clarify exemptions from such Acts for the funding by insurance companies of certain employee benefit plans.

[AI summary unavailable — showing source text] Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to revise provisions exempting specified securities from such Acts to: (1) include within the exemption, interest in a trust fund or securities arising out of an insurance contract in connection with a governmental employee benefit plan; but (2) exclude plans which are funded by an annuity contract. Amends the Investment Company Act of 1940 to include within the exemption from such Act governmental employee benefit plans and single trust funds maintained by a bank.…