CLEAR Forms Act
The source supplies the latest action, but no lifecycle stage.
Latest action (16 Sep 2026): Ordered to be Reported (Amended) by the Yeas and Nays: 42 - 7.
What this bill does
The CLEAR Forms Act would direct the Securities and Exchange Commission (SEC) to create new or amended registration forms for certain non-variable insurance products that are registered as securities, including contingent deferred annuities, registered index-linked life insurance, and other similar contracts issued by insurance companies. The SEC would have to propose these forms within 12 months of enactment and finalize them within 30 months. The forms must be designed to give purchasers information needed to make informed decisions, with investor testing required specifically for contingent deferred annuities. The bill also limits certain disclosure and financial-statement requirements to align with existing SEC forms and directs the SEC to keep related filing rules (such as summary prospectuses and fee structures) consistent with current practice.
The bill primarily affects insurance companies that issue these registered non-variable products, the SEC (which must conduct rulemaking), and consumers who purchase such annuities or life insurance products, who would receive standardized disclosure forms. It does not preempt state insurance regulation.
If the SEC fails to finalize the rules within 30 months, insurers could instead use existing SEC forms for variable annuities/life insurance until the new rules are completed. The bill was introduced on September 2, 2026, by Rep. Zach Nunn (R-IA) with Rep. Pettersen, and referred to the House Committee on Financial Services. No further action has occurred yet.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
16 Sep 2026
Ordered to be Reported (Amended) by the Yeas and Nays: 42 - 7.
Common questions
- What does H.R. 10234 do?
- The CLEAR Forms Act would direct the Securities and Exchange Commission (SEC) to create new or amended registration forms for certain non-variable insurance products that are registered as securities, including contingent deferred annuities, registered index-linked life insurance, and other similar contracts issued by insurance companies. The SEC would have to propose these forms within 12 months of enactment and finalize them within 30 months. The forms must be designed to give purchasers information needed to make informed decisions, with investor testing required specifically for contingent deferred annuities. The bill also limits certain disclosure and financial-statement requirements to align with existing SEC forms and directs the SEC to keep related filing rules (such as summary prospectuses and fee structures) consistent with current practice. The bill primarily affects insurance companies that issue these registered non-variable products, the SEC (which must conduct rulemaking), and consumers who purchase such annuities or life insurance products, who would receive standardized disclosure forms. It does not preempt state insurance regulation. If the SEC fails to finalize the rules within 30 months, insurers could instead use existing SEC forms for variable annuities/life insurance until the new rules are completed. The bill was introduced on September 2, 2026, by Rep. Zach Nunn (R-IA) with Rep. Pettersen, and referred to the House Committee on Financial Services. No further action has occurred yet.
- Has H.R. 10234 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 10234. Check the latest action and official source below.
- Who sponsored H.R. 10234?
- H.R. 10234 was sponsored by Rep. Nunn, Zachary [R-IA-3] (R-IA), with 2 cosponsors.
- What's the latest action on H.R. 10234?
- Ordered to be Reported (Amended) by the Yeas and Nays: 42 - 7. (16 Sep 2026).
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