SEC Form N-3

DEFINITION of 'SEC Form N-3'

A filing with the Securities and Exchange Commission (SEC) that must be submitted by all insurance company separate accounts organized as management investment companies offering variable annuity contracts. SEC Form N-3 is required under the Securities Act of 1933 and the Investment Company Act of 1940, and is meant to provide investors with information about variable annuity contracts so they can determine whether to invest in them.

BREAKING DOWN 'SEC Form N-3'

Part A of this filing, the prospectus, must contain clearly-written information about the investment that the average investor, who may not have a specialized background in finance or law, can understand. Part A contains a general description of the insurance company and a general description of the contracts as well as information on accumulation units, management, deductions and expenses, annuity options available, death benefit, purchases and contract value, redemptions, taxes, and pending legal proceedings. Part B contains additional information about investment objectives and policies, purchasing and pricing of securities being offered, underwriters and more. Finally, Part C provides the company's financial statements, names of directors and officers of the insurance company and other required information.

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