Name of Proposed Rule: Individual Deferred Variable Annuity Contract Standards
Subject Matter of Proposed Rule: The Standards For Individual Deferred Variable Annuity Contract Standards (the “Proposed Standards”) specify submission requirements, form requirements and contract provisions for individual deferred variable annuity contracts; applying to annuity contracts that provides for a single premium, modified single premium, fixed or flexible premium payments over the life of a contract or for a limited payment period, and that provides for funds to be held in separate accounts only or in separate and general accounts.
Citation to Published Notices: Notice of this Rule was published on December 12, 2007.
Name of persons requesting Public Hearing : Commissioner Jane Cline, Chair
Date and Location of Public Hearing, if any: February 25, 2008, via teleconference
Status of Proposed Rule (including upcoming meetings): The Proposed Standards have been issued for notice and comment. Written comments will be accepted on the Proposed Standards until February 10, 2008. Written requests for a public hearing must be received no later than January 1, 2008.
Date Approved by Management Committee: February 25, 2008 & April 28, 2008. This Uniform Standard was referred back to the Product Standards Committee by the Commission on March 28 for further discussion and review. The amended version (located below) was approved by the Management Committee on April 28.
Date Adopted by Commission: Effective Date of Rule:
Link to Comments submitted by members and the public:
Comments from the Industry Advisory Committee
Industry Comments Inserted and Redlined
Amended Version of the Individual Deferred Variable Annuity Contract Standards
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