CLEAR Forms Act

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Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

Referred to the House Committee on Financial Services.

People buying certain annuities and life insurance would get clearer information

People buying certain annuities and life insurance products would get clearer information. This bill would require the Securities and Exchange Commission (SEC) to create new, easier-to-understand forms for these products. Insurance companies would then use these new forms to register what they sell.

What Would Change

Today, there are no specific forms for non-variable registered annuities and life insurance products, such as contingent deferred annuities and registered index-linked life insurance. If this bill becomes law, the Securities and Exchange Commission would need to create and finalize these new, specific forms within 30 months. The goal is to make information clearer for buyers.

Key Provisions

Requires the Securities and Exchange Commission (SEC) to propose new rules for specific insurance product registration forms within 12 months.
Requires the SEC to finalize these new registration forms within 30 months.
Requires the SEC to design the forms to give buyers the information they need to make knowledgeable decisions.
Requires the SEC to test the forms with investors, especially for contingent deferred annuities, to ensure they are easy to understand.
Lets registered index-linked life insurance and contingent deferred annuities use existing forms if the SEC misses its 30-month deadline for new forms.
Requires the SEC to create a consistent set of rules for insurance companies to offer all their registered insurance products.

View on Congress.gov

HR 10234 · 119th Congress · AI Summary by gemini-2.5-flash · 10/10

CLEAR Forms Act

What Would Change

Key Provisions

Lobbying Activity