Regulatory Alerts2018-11-30 | 2018-24376Added
Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts
The Securities and Exchange Commission proposes new rules to modernize disclosures for variable annuity and variable life insurance contracts by introducing a layered summary prospectus framework. This proposal permits issuers to satisfy statutory prospectus delivery obligations by providing concise summary documents while making detailed statutory prospectuses available online. Additionally, the Commission seeks to update registration forms, mandate Inline XBRL formatting for certain disclosures, and allow online posting of portfolio company prospectuses to reduce information overload for investors.
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