[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10234 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 10234
To require the Securities and Exchange Commission to create forms for
non-variable registered annuities and life insurance products, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 2, 2026
Mr. Nunn of Iowa (for himself and Ms. Pettersen) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To require the Securities and Exchange Commission to create forms for
non-variable registered annuities and life insurance products, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Consumer-Led Enhancement of Annuity
and Insurance Registration Forms Act'' or the ``CLEAR Forms Act''.
SEC. 2. REGISTRATION FORMS FOR RILU, CDA, AND OTHER REGISTERED NON-
VARIABLE INSURANCE CONTRACTS.
(a) In General.--The Securities Act of 1933 (15 U.S.C. 77a et seq.)
is amended by adding at the end the following:
``SEC. 6A. REGISTRATION FORMS FOR RILU, CDA, AND OTHER REGISTERED NON-
VARIABLE INSURANCE CONTRACTS.
``(a) Definitions.--In this section:
``(1) Contingent deferred annuity.--The term `contingent
deferred annuity' means an annuity contract or rider--
``(A) that is a security;
``(B) that is registered, or that a person seeks to
register, with the Commission under this Act;
``(C) that is issued by an insurance company;
``(D) that is not issued by an investment company;
and
``(E) that establishes a life insurer's obligation
to make periodic payments for an annuitant's lifetime
at the time designated investments, which are not owned
or held by the insurer, are depleted to a contractually
defined amount due to--
``(i) contractually permitted withdrawals;
``(ii) market performance;
``(iii) fees or other charges; or
``(iv) any other contractually permitted
triggering event or transaction.
``(2) Covered insurance contract.--The term `covered
insurance contract' means any--
``(A) contingent deferred annuity;
``(B) registered index-linked life insurance; or
``(C) other registered non-variable insurance
contract.
``(3) Funding agreement.--The term `funding agreement'
means a contract in which an insurer agrees to accept and
accumulate funds to make one or more payments at future dates
in amounts that are not based on mortality or morbidity
contingencies.
``(4) Investment company.--The term `investment company'
has the meaning given the term in section 3 of the Investment
Company Act of 1940 (15 U.S.C. 80a-3).
``(5) Market value adjustment.--The term `market value
adjustment' means, with respect to a registered index-linked
life insurance, after an early withdrawal or contract
discontinuance--
``(A) an adjustment to the value of that insurance
contract based on calculations using a predetermined
formula; or
``(B) a change in an interest rate (or another
factor, as determined by the Commission) that apply to
that insurance contract.
``(6) Other registered non-variable insurance contract.--
The term `other registered non-variable insurance contract'
means an insurance contract, certificate, or rider--
``(A) that is a security;
``(B) that does not constitute an equity interest
in the issuer of the contract, certificate, or rider;
``(C) that is an insurance product subject to
regulation under the insurance laws of the domiciliary
State or Territory of the issuer of the contract,
certificate, or rider;
``(D) that is registered, or that a person seeks to
register, with the Commission under this Act;
``(E) that is issued by an insurance company;
``(F) that is not issued by an investment company;
and
``(G) that is an annuity contract, life insurance
contract, or funding agreement.
``(7) Purchaser.--The term `purchaser' means a purchaser of
a covered insurance contract.
``(8) Registered index-linked life insurance.--The term
`registered index-linked life insurance' means a life insurance
policy or rider--
``(A) that is a security;
``(B) that is registered, or that a person seeks to
register, with the Commission under this Act;
``(C) that is issued by an insurance company;
``(D) that is not issued by an investment company;
and
``(E) the returns of which--
``(i) are based on the performance of a
specified index or other specified benchmark;
and
``(ii) may be subject to a market value
adjustment if amounts are withdrawn or the
contract is discontinued before the end of the
period during which that market value
adjustment applies.
``(b) Registration Forms Rulemaking.--
``(1) In general.--Not later than 12 months after the date
of enactment of this section, the Commission shall propose,
and, not later than 30 months after the date of enactment of
this section, the Commission shall finalize, new or amended
rules, as appropriate, to establish one or more forms on which
an issuer of a covered insurance contract may register that
contract, subject to conditions the Commission determines
appropriate.
``(2) Design of forms.--In developing the forms required to
be established under paragraph (1), the Commission shall--
``(A) design the forms to ensure that a purchaser
using the forms receives the information necessary to
make knowledgeable decisions, taking into account--
``(i) the availability of information;
``(ii) the knowledge and sophistication of
that class of purchasers;
``(iii) the length of the disclosure
required by the forms;
``(iv) the complexity of registered index-
linked life insurance and contingent deferred
annuities; and
``(v) any other factor the Commission
determines appropriate;
``(B) engage in investor testing for contingent
deferred annuity; and
``(C) incorporate the results of the testing
required under subparagraph (B) in the design of the
forms for contingent deferred annuities, with the goal
of ensuring that key information is conveyed in terms
that a purchaser is able to understand.
``(3) Limitations.--In establishing the forms described in
paragraph (1), the Commission shall--
``(A) limit the disclosures requested by such forms
with respect to an insurance company to the disclosures
requested by the forms described in section 239.17b or
239.17c of title 17, Code of Federal Regulations, as
appropriate, or any successor regulation; and
``(B) specify that the financial statements
requested by such forms with respect to an insurance
company are those called for by the instructions for
the financial statements in the forms described in
sections 239.17b and 239.17c of title 17, Code of
Federal Regulations, or any successor regulation.
``(4) Rule 12h-7 exemption.--In issuing the rules required
by paragraph (1), the Commission may not impede the
availability of an exemption to issuers described in section
240.12h-7 of title 17, Code of Federal Regulations, with regard
to covered insurance contracts, that meet the qualifications
for such exemption.
``(5) Other related rules.--To the greatest extent
possible, the Commission shall promulgate an overall regulatory
and filing framework that is consistent with the forms
described in sections 239.17b and 239.17c of title 17, Code of
Federal Regulations, in order to enable issuing insurance
companies to offer all of the insurance company's registered
insurance product offerings on a consistent basis, including
the availability of--
``(A) section 230.498A of title 17, Code of Federal
Regulations (permitting and prescribing the use of
summary prospectuses for separate accounts offering
variable annuity and variable life insurance contracts,
and for the offering of registered non-variable annuity
contracts);
``(B) section 270.24f-2 of title 17, Code of
Federal Regulations (requiring issuers of certain
investment company securities and registered non-
variable annuity contracts to pay registration fees
under the Securities Act of 1933 annually based on the
net sales of such securities and contracts); and
``(C) sections 230.485 and 230.497 of title 17,
Code of Federal Regulations (permitting automatic and
immediate effectiveness for post-effective amendments
and supplements filed by certain registered investment
companies and issuers offering registered non-variable
insurance contracts).
``(c) Rules of Construction.--Nothing in this section may be
construed to--
``(1) except as described in subsection (b)(3), limit the
authority of the Commission to determine the information to be
requested in the forms described in subsection (b); or
``(2) preempt any State or Territory law, regulation, rule,
or order.''.
(b) Treatment if Rules Not Prepared and Finalized in a Timely
Manner.--
(1) In general.--At the end of the 30-month period
beginning on the date of enactment of this Act, if the
Commission has not finalized the rules required under section
6A(b)(1) of the Securities Act of 1933, any registered index-
linked life insurance or contingent deferred annuity may be
registered on the forms described in sections 239.17b and
239.17c of title 17, Code of Federal Regulations, or any
successor regulation, as appropriate.
(2) Preparation.--A registration described in paragraph (1)
shall be prepared pursuant to applicable provisions of the
forms described in that paragraph.
(3) Definitions.--In this section--
(A) the terms ``contingent deferred annuity'' and
``registered index-linked life insurance'' have the
meaning given those terms, respectively, in section
6A(a) of the Securities Act of 1933; and
(B) the term ``Commission'' means the Securities
and Exchange Commission.
(4) Termination.--This subsection shall terminate on the
date that the Commission finalizes the rules required under
section 6A(b)(1) of the Securities Act of 1933.
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