04-15-20
SEC Adopts Final Rule on Variable Contract Disclosure, Effective July 1, 2020
The SEC recently adopted new Rule 498A under the Securities Act, including various supporting amendments, to “simplify and streamline” the disclosure framework for variable annuities and variable life insurance contracts. As Bates described when the rule was first proposed, the new rule allows for a plain-English, easy to read, concise “summary prospectus” to satisfy obligations under the securities laws concerning variable product prospectus delivery. Read more to prepare for the July 1, 2020 effective date.