CLEAR Forms Act

The CLEAR Forms Act directs the Securities and Exchange Commission to create new registration forms for specific insurance products, including contingent deferred annuities and registered index-linked life insurance. The bill requires the agency to design these forms so that purchasers can make informed decisions, mandating investor testing to ensure the language is understandable for these complex financial instruments. If the SEC fails to finalize the rules within 30 months of enactment, insurers would be permitted to register these products using existing forms currently used for variable annuities and life insurance.