Regulatory Alerts2020-05-01 | 2020-05526Added
Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts
The Securities and Exchange Commission adopted final rules to modernize disclosure requirements for variable annuity and variable life insurance contracts by introducing a layered summary prospectus approach. New Rule 498A permits issuers to satisfy statutory prospectus delivery obligations by providing a concise summary prospectus while making the full statutory prospectus available online. The amendments also require the use of Inline XBRL for certain disclosures and establish compliance dates for the updated registration forms and disclosure frameworks.
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