BIPARTISAN MEASURE INTRODUCED TO ENABLE INSURANCE INDUSTRY INNOVATION AND IMPROVE PRODUCT DISCLOSURES FOR CONSUMERS

WASHINGTON, D.C. – Bipartisan legislation introduced today by Rep. Zach Nunn (R-Iowa) and Rep. Brittany Pettersen (D-Colo.) offers a common-sense approach to provide consumers with a more tailored disclosure framework focused on the information they need while encouraging continued innovation in the insurance marketplace.

The Consumer-Led Enhancement of Annuity and Insurance Registration (CLEAR) Forms Act, supported by the Insured Retirement Institute (IRI), addresses the longstanding problem of requiring certain SEC-registered insurance products to use registration forms originally designed for corporate securities offerings. The bill was among several discussed at a June 25 hearing before the House Financial Services Committee’s Capital Markets Subcommittee. IRI and the American Council of Life Insurers expressed support for the bill in a letter to the subcommittee.

“IRI strongly supports the CLEAR Forms Act, which is included in our 2026 Federal Retirement Security Blueprint,” said Wayne Chopus, President and CEO, IRI. “By promoting consistent, appropriate registration and disclosure requirements, this legislation will help foster product innovation while making it easier for consumers to find the relevant information they need to make informed financial decisions. We appreciate Reps. Nunn and Pettersen’s bipartisan leadership to advance a common-sense approach that delivers meaningful benefits for retirement savers.”

The legislation builds on Congress’s bipartisan enactment of the Registration for Index-Linked Annuities (RILA) Act in 2022. That law directed the SEC to create a registration and disclosure framework for registered index-linked annuities that is tailored to the products and useful to consumers. The SEC issued a final rule implementing the RILA Act in July 2024.

The CLEAR Forms Act would extend that same product-tailored approach to other SEC-registered insurance products, helping modernize outdated registration requirements while improving disclosures for consumers.

Link to Rep. Nunn news release.

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