Sponsors (3)
The bill creates a federal registration route and tested disclosures that improve product availability and consumer understandability for certain insurance products while preserving state authority, but it constrains the SEC's disclosure flexibility and may leave gaps in transparency and create compliance complexity for issuers.
Seniors and other purchasers of contingent deferred annuities and index-linked life policies will receive standardized, investor-tested disclosures that are designed to be more understandable, improving consumers' ability to compare and evaluate products.
Financial institutions (issuers) gain a clear federal registration pathway to offer contingent deferred annuities and index-linked life policies, making it easier to bring these products to market nationwide.
Qualifying small issuers retain relief under Rule 12h-7, reducing reporting burdens and compliance costs for smaller insurers and helping preserve market participation by smaller firms.
Purchasers (including seniors and other investors) may face reduced transparency because the bill limits SEC-required disclosures to existing form content and narrow financial-statement instructions, which could omit information needed to evaluate insurer solvency and product risks.
Financial institutions and state regulators could face overlapping or inconsistent requirements because the bill does not preempt state insurance law, increasing compliance complexity and costs for issuers operating in multiple states.
If the SEC delays issuing final rules, the interim reliance on legacy forms could create uncertainty about disclosure quality and consistency for both purchasers and issuers during the transition.
Based on analysis of 2 sections of legislative text.
Directs the SEC to create standardized registration form(s) and design standards for certain registered insurance contracts, with 12‑ and 30‑month rulemaking deadlines and limited insurer disclosure scope.
Official title: To require the Securities and Exchange Commission to create forms for non-variable registered annuities and life insurance products, and for other purposes.
Introduced September 2, 2026 by Zach Nunn · Last progress September 2, 2026
Creates a new requirement in the Securities Act directing the SEC to write and adopt standardized registration form(s) for certain registered insurance contracts — specifically contingent deferred annuities, registered index‑linked life insurance, and other registered non‑variable insurance contracts — with a 12‑month proposal deadline and a 30‑month final rule deadline. It requires investor testing and form design standards, limits insurer disclosure to information already required by current Form 17b/17c financial statement instructions, preserves a narrow SEC exemption and other filing frameworks, and leaves state insurance law authority intact. If the SEC fails to finalize rules within 30 months, the bill temporarily permits issuers to use current Forms 17b/17c (or successors) until the SEC issues the new forms. The bill does not create funding, impose criminal penalties, or change state insurance regulation; it focuses on federal registration form design and timing for covered insurance contracts under the Securities Act of 1933.