This bill requires the Securities and Exchange Commission (SEC) to create one or more registration forms for certain registered non-variable insurance products that are treated as securities. The covered products include contingent deferred annuities, registered index-linked life insurance, and other registered non-variable insurance contracts. The SEC must propose the forms within 12 months and finalize them within 30 months of the bill's enactment. The SEC must design the forms so purchasers receive the information needed to make knowledgeable decisions, and must perform investor testing for contingent deferred annuities and use those results to shape disclosures. The bill limits additional insurer disclosure to the types of information already requested by forms 239.17b and 239.17c (or successors), directs the SEC to align its filing framework with certain existing regulations where possible, and preserves access to a Rule 12h-7 exemption. If the SEC does not finalize the new forms within 30 months, issuers may register the covered products using the existing 239.17b and 239.17c forms until the SEC finalizes its rules. The bill also clarifies that it does not preempt State or Territory insurance law.
No publicly available information.
The bill directs the SEC to produce clearer, standardized registration forms so purchasers get the information they need to decide. It requires investor testing for contingent deferred annuities and asks the SEC to design forms that convey key information in understandable terms. The bill also aims to make the SEC filing framework consistent with existing registration practices for similar insurance products.
No publicly available information.