Post-Effective Amendment to Registration Statement by Investment Company (Form 485BPOS)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

Separate Account B of Venerable Insurance and Annuity Company

(Exact Name of Registrant)

Venerable Insurance and Annuity Company

(Name of Depositor)

699 Walnut Street, Suite 1350

Des Moines, Iowa 50309-3942

(Address of Depositor's Principal Executive Offices) (Zip Code)

800-366-0066

(Depositor's Telephone Number, including Area Code)

J. Neil McMurdie

Vice President and Deputy General Counsel

Venerable Insurance and Annuity Company

1475 Dunwoody Drive, Suite 200

West Chester, Pennsylvania 19380

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

If appropriate, check the following box:

Title of Securities Being Registered: Deferred Combination Variable and Fixed Annuity Contract

EXPLANATORY NOTE:

This Post-Effective Amendment No. 65 ("PEA") to Form N-4 Registration Statement No. 033-59261 is being filed for the purpose of including in the Registration Statement a Prospectus Supplement that describes the addition of new variable investment options we intend to make available to Contract owners, and Part C. This PEA incorporates by reference the information contained in Parts A and B of Post-Effective Amendment No. 64, as filed with the U.S. Securities and Exchange Commission on April 14, 2025, and does not amend or delete the currently available Prospectus, Statement of Additional Information, or any subsequently filed supplements to the Prospectus and Statement of Additional Information, or other part of the Registration Statement except as specifically noted herein.

Venerable Insurance and Annuity Company

and the following variable annuities supported by its Separate Account B:

Prospectus and Updating Summary Prospectus Supplement Dated December 19, 2025

This supplement updates the most recent Prospectus and Updating Summary Prospectus ("USP") for your variable annuity Contract and subsequent supplements thereto. Please read it carefully and keep it with your copy of the Prospectus and USP for future reference.

______________________________________________________________________________

NOTICE OF AND IMPORTANT INFORMATION ABOUT UPCOMING FUND ADDITIONS

Subaccounts that invest in the following Funds are not currently available but will be added to your Contract and available for new premiums and transfers of Contract Value on a date subsequently communicated to you in a separate supplement to your Prospectus and USP. Information about each Fund is shown below. The Funds are new and consequently do not yet have actual performance information.

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NOTICE OF AN ADDITIONAL NON-DISCRETIONARY SUB-ADVISER FOR THE VENERABLE US LARGE CAP STRATEGIC EQUITY FUND

Effective September 26, 2025, Putnam Investment Management, LLC was added as a Non-Discretionary Sub-Adviser for the Venerable US Large Cap Strategic Equity Fund. This information is hereby added to the Appendix A of your most recent Prospectus and USP for this Fund.

MORE INFORMATION IS AVAILABLE

More information about the Funds available through your Contract, including information about the risks associated with investing in them, can be found in the current prospectus and Statement of Additional Information for each Fund. You may view these documents online at https://docs.venerable.com or get copies by contacting:

Customer Service

P.O. Box 9271

Des Moines, Iowa 50306-9271

(800) 366-0066

If you received a summary prospectus for any of the Funds available through your Contract, you may obtain a full prospectus and other Fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the contact information shown on the front of the Fund's summary prospectus.

Part C

OTHER INFORMATION

Venerable Insurance and Annuity Company (the "Company" and the "Depositor") shall indemnify to the full extent permitted by Chapter 490 of the Code of Iowa, as may be amended from time to time, or by other provisions of applicable law, each person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, wherever brought, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director, officer, fiduciary or employee of the Company, or is or was serving at the request of the Company as a director, officer, fiduciary, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding, if he or she acted in good faith and in a manner reasonably believed to be in and not opposed to the best interests of the Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Any indemnification as described in the preceding paragraph (unless ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that the indemnification is proper in the circumstances because the person claiming indemnification has met the applicable standard of conduct set forth in therein. Such determination shall be made by the Company's Board of Directors by a majority vote of a quorum consisting of Directors who were not parties to the action, suit or proceeding in question. If such a quorum is not obtainable, the Board shall retain independent legal counsel who shall make such a determination in a written opinion.

Expenses (including attorney's fees) incurred in defending a civil or criminal action, suit, or proceeding may be paid by the Company in advance of the final disposition of such action upon receipt of an undertaking by or on behalf of a person entitled to claim indemnification to repay such amount, if it is ultimately determined that he or she is not entitled to be indemnified by the Company.

To the extent permitted by law, the Company or its parents may purchase and maintain insurance on behalf of any person or persons described in the preceding paragraphs of this Item 30 against any liability asserted against and incurred by him or her, whether or not the Company would have power to indemnify him or her as described above.

Consistent with the laws of the State of Iowa, VA Capital Company LLC ("VA Capital") maintains various insurance policies issued by reputable insurers covering VA Capital and any company in which VA Capital has a controlling interest, including the Company and Directed Services LLC, the principal underwriter. These policies cover the indemnification obligations of VA Capital and its subsidiaries.

The policies include, but are not limited to, the following types of coverages: Professional Liability, Directors & Officers Liability, Cyber Liability, Employment Practices Liability, Fiduciary Liability, and Financial Institution Fidelity Bond(s).

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the Company separate account (the "Registrant"), as provided above or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification by the Depositor is against public policy, as expressed in the Securities Act of 1933, and therefore may be unenforceable. In the event that a claim of such indemnification (except insofar as it provides for the payment by the Depositor of expenses incurred or paid by a director, officer or controlling person in the successful defense of any action, suit or proceeding) is asserted against the Depositor by such director, officer or controlling person and the SEC is still of the same opinion, the Depositor or Registrant may, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by the Depositor is against public policy as expressed by the Securities Act of 1933 and will be governed by the final adjudication of such issue.

Contained in the Registrant's most recently filed Form N-CEN.

None.

Venerable Insurance and Annuity Company hereby represents that the fees and charges deducted under the Contract described in the Prospectus, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred and the risks assumed by Venerable Insurance and Annuity Company.

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Separate Account B of Venerable Insurance and Annuity Company, has duly caused this Post-Effective Amendment to its Registration Statement on Form N-4 (File No. 033-59261) to be signed on its behalf by the undersigned, thereunto duly authorized, in the town of Glastonbury, Connecticut, on the __19th__ day of December, 2025.

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 65 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

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