PlainBillCongress, translated.Legislation. Context. Public interest.Ordered to be Reported (Amended) by the Yeas and Nays: 42 - 7.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Nunn, Zachary [R-IA-3] · R–IA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Ordered to be Reported (Amended) by the Yeas and Nays: 42 - 7.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Sep 18, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2026-09-02 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The proposed CLEAR Forms Act would change how insurers register certain life insurance and annuity products with the Securities and Exchange Commission (SEC). It would require new or revised forms designed to help buyers make informed decisions, while limiting the information insurers must disclose about their companies. These requirements would affect insurers offering covered products and the purchasers receiving their disclosures.
This Act may be cited as the Consumer-Led Enhancement of Annuity and Insurance Registration Forms Act or the CLEAR Forms Act.
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.
design the forms to ensure that a purchaser using the forms receives the information necessary to make knowledgeable decisions
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
the term Commission means the Securities and Exchange Commission.
Section 2 would add a new section to the Securities Act of 1933 covering three defined categories: contingent deferred annuities, registered index-linked life insurance, and other registered non-variable insurance contracts.
The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended by adding at the end the following: 6A. Registration forms for RILU, CDA, and other registered non-variable insurance contracts
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.
A covered contingent deferred annuity would be an insurer-issued contract or contract addition that is a security registered, or seeking registration, with the SEC and is not issued by an investment company. It would obligate a life insurer to make lifetime periodic payments when designated investments neither owned nor held by the insurer fall to a contractually specified amount because of permitted withdrawals, market performance, charges, or another permitted trigger.
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.
Covered index-linked life insurance would be an insurer-issued policy or contract addition whose returns are based on a specified index or benchmark. It must be a security registered, or seeking registration, with the SEC and cannot be issued by an investment company. Early withdrawals or discontinuance could trigger a market value adjustment during the applicable adjustment period.
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.
For index-linked life insurance, a market value adjustment would mean a formula-based change in the contract’s value, or a change in an applicable interest rate or another SEC-determined factor, following early withdrawal or discontinuance.
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.
The third category would cover annuity contracts, life insurance contracts, and funding agreements meeting all listed conditions. They must be securities, constitute no equity interest in their issuer, be subject to insurance regulation in the issuer’s home State or Territory, be registered or seeking SEC registration, and be issued by an insurance company rather than an investment company. A funding agreement accumulates funds for future payments whose amounts do not depend on mortality or morbidity contingencies.
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.
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.
The SEC would have to propose registration-form rules within 12 months after enactment of the new section and finalize them within 30 months. Insurers could use the resulting forms subject to conditions set by the SEC.
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.
The SEC would have to design the forms to give purchasers information needed for informed decisions. It would have to consider information availability, purchasers’ knowledge and sophistication, disclosure length, the complexity of index-linked life insurance and contingent deferred annuities, and any other factors it considers appropriate.
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
For contingent deferred annuities, the SEC would have to conduct investor testing and incorporate the results into form design. Making key information understandable to purchasers is the stated goal, not an established outcome.
(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.
The new forms would have to limit disclosures about insurance companies to those requested by the existing forms specified in federal regulations, as appropriate, or their successors. Company financial statements would likewise follow the instructions for those specified forms.
(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.
The SEC’s rules could not impede access to the existing Rule 12h-7 exemption for issuers that meet its qualifications regarding covered contracts. The bill would preserve qualified access; it does not reproduce the exemption’s requirements.
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.
To the greatest extent possible, the SEC would have to establish a regulatory and filing framework consistent with the specified existing forms. This would include availability of the referenced rules for summary prospectuses and annual registration fees based on net sales, as described in the bill. The referenced rules themselves are not supplied.
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)
That consistency requirement would also include availability of rules that the bill describes as permitting automatic and immediate effectiveness for certain post-effective amendments and supplements, to the greatest extent possible. The supplied text does not establish the referenced rules’ detailed conditions.
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
(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).
Except for the specified limits on company disclosures and financial statements, the new section would preserve the SEC’s authority to determine what information the forms request. It would not preempt State or Territory laws, regulations, rules, or orders.
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.
If the SEC had not finalized the required rules by 30 months after the Act’s enactment, registered index-linked life insurance and contingent deferred annuities could use the specified existing forms or their successors, as appropriate. Registrations would have to follow the applicable form provisions. This fallback names only those two product categories.
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.
A registration described in paragraph (1) shall be prepared pursuant to applicable provisions of the forms described in that paragraph.
The temporary fallback would end on the date the SEC finalizes the required registration-form rules.
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.
The supplied September 18, 2026 source snapshot records introduction and referral to the House Financial Services Committee on September 2, followed by committee consideration and an order to report the bill as amended on September 16 by a 42–7 vote. This records committee action, not passage by the House or enactment.
Source snapshot updated 2026-09-18T17:45:49Z. 2026-09-16: Ordered to be Reported (Amended) by the Yeas and Nays: 42 - 7. 2026-09-16: Committee Consideration and Mark-up Session Held 2026-09-02: Referred to the House Committee on Financial Services. 2026-09-02: Introduced in House
A closer look
Reviewed version: Introduced in House · 2026-09-02. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials; formal earmark status cannot be established beyond the supplied evidence.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The cited provisions warrant scrutiny as tailored regulatory protections and a narrow conditional exception related to the bill’s main policy. This classification does not imply an improper purpose.
Insurance companies registering covered contracts would receive a limit on the company disclosures and financial statements the SEC could require through these forms. The bill expressly makes this limit an exception to its preservation of SEC authority over requested information. This is a tailored regulatory protection directly related to the bill’s main registration policy; the supplied text does not establish how much it would reduce existing requirements.
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.
(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.
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)
Issuers that qualify for the existing Rule 12h-7 exemption would receive an express protection against the SEC’s new registration rules impeding that exemption’s availability for covered insurance contracts. This protection is directly related to the bill’s registration framework. The bill does not create the exemption, and the supplied text does not establish its detailed qualifications or the practical extent of the protection.
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.
Issuers of registered index-linked life insurance and contingent deferred annuities would receive a temporary registration fallback if the SEC has not finalized the required rules by 30 months after enactment. Those products could use the specified existing forms or their successors, as appropriate, with registrations prepared under the applicable form provisions. Although the main framework covers three product categories, this fallback names only those two, making it a narrow conditional exception within the registration policy. It would end when the SEC finalizes the required rules. The supplied text does not establish the detailed requirements of the referenced forms or the practical extent of any resulting relief.
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.
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.
A registration described in paragraph (1) shall be prepared pursuant to applicable provisions of the forms described in that paragraph.
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.
Full text preserved for this analysis. Legislative record snapshot: Sep 18, 2026. How PlainBill uses AI