CLEAR Forms Act
Reported from committee: it can still change before the session ends.
- Stage
- Reported from committee
- Started in
- House
- Latest action
- Sep 16
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What it does
The CLEAR Forms Act would require the Securities and Exchange Commission to create standardized registration forms for certain non-variable insurance products, including contingent deferred annuities, registered index-linked life insurance, and other registered non-variable insurance contracts, to improve consumer understanding. The bill directs the SEC to propose these forms within 12 months of enactment and finalize them within 30 months, incorporating investor testing to ensure key information is understandable for purchasers. If the SEC fails to finalize the rules on time, issuers may use existing forms under specified regulations as a temporary measure. The legislation aims to enhance transparency and consistency in disclosures for these insurance products without preempting state insurance laws.
AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.
What moved
Who is involved
- Rep. Nunn, Zachary [R-IA-3]Lead sponsor
- Rep. Fitzgerald, Scott [R-WI-5]Co-sponsor
- Rep. Pettersen, Brittany [D-CO-7]Co-sponsor
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Work with this bill
Where it goes next
While a bill can still move, the questions are about people and money.
- Who sits in the seats that vote on itA roster is not a certified tally, and a filing is not a place on the ballot.
- Who funds the people decidingA receipt is not backing. A contribution does not establish a policy motive.
- Who is paid to be heardNaming an institution is the filer's account, not a record of any meeting.
- Bills still moving in CongressNewest first, the ones that can still change