Referred to the House Committee on Financial Services.
This bill directs the Securities and Exchange Commission (SEC) to create one or more tailored registration forms and related rules for certain registered non-variable insurance products, including contingent deferred annuities (CDAs), registered index‑linked life insurance, and other registered non‑variable insurance contracts. It defines covered products, requires investor testing for CDAs, sets a 12‑month proposal and 30‑month finalization timeline, constrains insurer-specific disclosure requests to amounts in existing Forms 239.17b/239.17c, preserves a 12h‑7 exemption and state law nonpreemption, and allows temporary use of existing forms if SEC misses the deadline.
Liberal emphasizes stronger consumer disclosures and broader testing
Relative to its intended legislative type, this bill is a well-structured administrative directive that adds a targeted amendment to the Securities Act requiring the SEC to promulgate form-based rules for specified registered non-variable insurance products.
This bill directs the Securities and Exchange Commission (SEC) to create one or more tailored registration forms and related rules for certain registered non-variable insurance products, including contingent deferred annuities (CDAs), registered index‑linked life insurance, and other registered non‑variable insurance contracts.
It defines covered products, requires investor testing for CDAs, sets a 12‑month proposal and 30‑month finalization timeline, constrains insurer-specific disclosure requests to amounts in existing Forms 239.17b/239.17c, preserves a 12h‑7 exemption and state law nonpreemption, and allows temporary use of existing forms if SEC misses the deadline.
Moderately narrow, non-controversial subject increases prospects, but specialized nature and competing priorities lower likelihood of enactment absent broad stakeholder support or package inclusion.
Relative to its intended legislative type, this bill is a well-structured administrative directive that adds a targeted amendment to the Securities Act requiring the SEC to promulgate form-based rules for specified registered non-variable insurance products. It supplies clear definitions, timelines, design constraints, and integration points with existing regulations, and includes a practical fallback mechanism if rulemaking is delayed.
Liberal emphasizes stronger consumer disclosures and broader testing
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberal emphasizes stronger consumer disclosures and broader testing
Generally supportive that the SEC will produce standardized, consumer‑facing registration forms and requires investor testing for CDAs.
Concerned that the bill limits insurer disclosures to existing Form 17b/17c scope and that only CDAs are subject to testing, so stronger consumer protections may be needed.
Supportive of standardized forms and a clear SEC timeline as pragmatic regulatory improvements, while cautious about implementation costs and detail.
Wants balanced forms that inform buyers without imposing unnecessary compliance burdens.
Cautiously supportive of a predictable registration framework that aligns with existing SEC forms and preserves state insurance regulation.
Wary of expanding SEC authority, additional compliance burdens, and any requirements that could politicize insurance markets.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Moderately narrow, non-controversial subject increases prospects, but specialized nature and competing priorities lower likelihood of enactment absent broad stakeholder support or package inclusion.
The bill has not accumulated any surfaced votes yet.
Liberal emphasizes stronger consumer disclosures and broader testing
Moderately narrow, non-controversial subject increases prospects, but specialized nature and competing priorities lower likelihood of enact…
Relative to its intended legislative type, this bill is a well-structured administrative directive that adds a targeted amendment to the Securities Act requiring the SEC to promulgate form-based rules for specified regi…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.