DEFINITION of 'SEC Form N-6'
A filing with the Securities and Exchange Commission (SEC) that must be submitted by separate accounts that are unit investment trusts that offer variable life insurance contracts. SEC Form N-6 is designed to provide investors with information that will assist them in making a decision about investing in a variable life insurance contract.
BREAKING DOWN 'SEC Form N-6'
This form is required by the Investment Company Act of 1940 and the Securities Act of 1933.
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. It should provide a balanced disclosure of the positive and negative aspects of variable life insurance contracts, including information about risks and benefits, fees, premiums, death benfits, contract values, surrenders, loans, lapse and reinstatement, taxes and legal proceedings. Part B provides additional information that may be of interest to some investors, such as financial statements and information about premiums, underwriters and loans. Finally, Part C contains information about directors, indemnification, fee representation and more.