The SEC recently adopted rules to amend Form N-4, the form currently used by most variable annuity separate accounts. As part of these changes, the registration, filing, and data transparency requirements that were adopted for registered index-linked annuities (RILAs) offerings have been broadened to the offerings of registered market value adjustment annuities (registered MVA annuities). Now the new elements needed to tag this information have been included in the VIP taxonomy because RILAs and registered MVA annuities are insurance products whose offerings are registered on Form N-4.
The new rulemaking introduces the following requirements:
- issuers of RILAs must register offerings on Form N-4
- issuers of RILAs and registered MVA annuities must tag certain information on Form N-4 in Inline XBRL, a structured, machine-readable data language for filing electronically with the SEC using the EDGAR system
For more information, see the related final rule on sec.gov. A draft of the updated version of the VIP taxonomy and files are available on SEC’s Taxonomies webpage. Interested parties may provide technical feedback via email to StructuredData@sec.gov through 4 p.m. EST on November 12, 2024. Emails should include “Draft of Updated 2024 VIP Taxonomy” as the subject.
Sources:
Draft of Updated 2024 Variable Insurance Product (VIP) Taxonomy (sec.gov)
Draft Taxonomies (sec.gov)
