The CLEAR Forms Act requires the Securities and Exchange Commission to create simplified registration forms for certain insurance products, specifically registered index-linked life insurance, contingent deferred annuities, and other non-variable insurance contracts. The SEC must propose these new forms within 12 months of the law's enactment and finalize them within 30 months, designing them to ensure that consumers have the information needed to make informed decisions while considering the products' complexity. The bill requires the SEC to conduct investor testing for contingent deferred annuities and incorporate the findings into the final forms to improve consumer understanding. If the SEC fails to finalize the rules within the 30-month deadline, insurance companies can temporarily register these products using existing forms for other insurance products. The legislation aims to streamline the registration process for insurance companies while maintaining consumer protections and does not preempt state insurance regulations.