1. Application of ERISA to insurance company general accounts and general account contracts (a) Section 3 of the Employee Retirement Income Security Act of 1974 is amended— (1) by adding the phrase or (C) after the phrase subparagraph (B) in subparagraph (A) to subsection (21); and (2) by adding the following new subparagraph (C) to subsection (21): (C) If any money or other property of an employee benefit plan is contributed to a general account policy (as defined in section 401 (b)(2)(B)), such insurer shall not be deemed to be a fiduciary or a party in interest as those terms are defined in this subchapter, respectively, by reason of such contribution or the insurer’s issuance or administration of such general account policy, the insurer’s exercise of contractual rights or discharge of its contractual obligations under such general account policy, or the management of the insurer’s general account, except insofar as such insurer directs the contribution on behalf of an employee benefit plan covering employees of the insurer. Nothing contained in this subparagraph shall limit the duties imposed on such insurer by any other law. . (b) Section 401 of the Employee Retirement Income Security Act of 1974 is amended— (1) by deleting paragraph (2) of subsection (b)