SEC Proposes Disclosure Improvements for Variable Annuities and Variable Life Insurance Contracts

The Securities and Exchange Commission today announced that it has voted to propose rule changes designed to improve disclosure for investors about variable annuities and variable life insurance contracts. The proposal is intended to help investors better understand these contracts' features, fees, and risks, and to more easily find the information that they need to make an informed investment decision. "This proposal is another important step in the Commission's efforts to provide Main Street investors with better information to make informed investment decisions. I have participated in many roundtables with retail investors over the last several months, and investors have emphasized their preference for clear and concise disclosure," said SEC Chairman Jay Clayton.