H.R. 10234
CLEAR Forms Act
Summary:
• The "CLEAR Forms Act" requires the Securities and Exchange Commission (SEC) to create new or amended registration forms specifically for non-variable registered insurance products, including contingent deferred annuities, registered index-linked life insurance, and other registered non-variable insurance contracts.
• The SEC must propose these forms within 12 months and finalize them within 30 months of enactment, with forms designed to ensure purchasers receive information necessary to make knowledgeable decisions, including mandatory investor testing for contingent deferred annuities.
• If the SEC fails to finalize the required rules within 30 months, registered index-linked life insurance and contingent deferred annuities may temporarily use existing registration forms until the SEC completes its rulemaking.
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• The SEC must propose these forms within 12 months and finalize them within 30 months of enactment, with forms designed to ensure purchasers receive information necessary to make knowledgeable decisions, including mandatory investor testing for contingent deferred annuities.
• If the SEC fails to finalize the required rules within 30 months, registered index-linked life insurance and contingent deferred annuities may temporarily use existing registration forms until the SEC completes its rulemaking.
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