SEC gets 30 months to simplify insurance product forms—or insurers revert to old ones
H.R. 10234 — CLEAR Forms Act · Filed by Zachary (Zach) Nunn (R-IA) · 1 cosponsor · Introduced Sep 2, 2026 · Referred to committee
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What it does
This bill requires the SEC to create new registration forms for three types of insurance products—registered index-linked life insurance, contingent deferred annuities, and other non-variable insurance contracts—within 30 months. The forms must be designed so ordinary purchasers can understand key information, with investor testing required for annuities. If the SEC misses the deadline, insurers can temporarily use existing forms. The bill benefits insurance companies by streamlining registration and consumers by ensuring clearer disclosure of complex products.
Why we flagged it
The bill's core function is to establish new SEC registration forms for specific insurance products, reducing regulatory friction for insurers while nominally improving consumer disclosure. It is primarily a regulatory modernization measure with mixed public and private benefit.
What the text implies
- The 30-month deadline is tight; if the SEC misses it, insurers automatically revert to existing forms (239.17b/17c), potentially weakening disclosure standards for these complex products during the transition.
- The bill limits SEC discretion by requiring forms to match existing insurance company disclosure standards (sections 239.17b/17c), which may prevent the SEC from imposing stricter requirements than current practice.
The full analysis lists 5 implications of this text.
Who stands to gain
insurance companies (streamlined registration, reduced compliance burden); life insurance issuers (faster time-to-market for new products)