CLEAR Forms Act

Key Points

• This bill requires the Securities and Exchange Commission to create new, simplified registration forms for certain insurance products. These include index-linked life insurance and specific types of annuities that help people manage their retirement savings.
• The agency must test these forms with everyday investors to ensure the language is easy to understand. The goal is to make sure people have the right information to make good financial choices without being overwhelmed by complex legal documents.
• Insurance companies would follow a more consistent set of rules when offering these products to the public. This could make it easier for companies to bring new retirement and life insurance options to the market.
• The government has a 30-month deadline to finish these new forms. If they miss the deadline, companies can use existing forms so that these financial products stay available to consumers while the agency finishes its work.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.