| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject
Matter of Rule: The Individual Life Application
Standards are intended to apply to paper, telephonic
or electronic new business applications for coverage
provided by individual life insurance policy forms. These
standards do not apply to applications for Credit Life
Insurance. These standards are not intended to
apply to applications used for policy changes, such as
conversion, reinstatement, exchange, re-qualification,
or request to add benefits to an existing policy.
Citation
to Published Notices: Notice
of this Rule was published on November 22, 2006.
Name of persons requesting Public Hearing:
Industry Advisory Committee
Date and Location of Public Hearing, if
any : February 23, 2007, 12:30 CT/1:30
ET via conference call
Status of Rule (including upcoming meetings): These
standards have been issued for notice and comment. Written
comments will be accepted on these proposed new standards
until January 23, 2007. Written requests for
a public hearing must be received no later than December
12, 2006. A public hearing to receive comments is scheduled
for February 23, 2007. This proposed rule
may be considered at a Management Committee meeting via
conference call scheduled for February 26, 2007 and
a Commission meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee:
February 26, 2007 (Explanatory
Statement)
Date Adopted by Commission: February 28,
2007
Individual
Life Insurance Application Standards adopted on February
28, 2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members
and the public:
National
Fraternal Congress of America
Industry
Advisory Committee
This rule has been amended.
Date Amendment Approved by Management Committee:
October 27, 2008
Date Amendment Adopted by Commission: October
29, 2008
Effective Date of Amendment to Rule: February
12, 2009
Information Regarding the Amendment to the Standards:
Name of Proposed Rule:Amendment
to the Individual Life Application Standards
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Individual Life Application
standards to specify: information about the proposed insured's
place of birth may be requested; requirements for authorizations
for electronic instructions and delivery of information
that must be included; under what circumstances information
about the proposed insured's military service must be requested;
multi-purpose applications are permissible and the conditions
that are applicable to such filings; additional acknowledgments
may be included in the filing for variable products, entity
ownership and certain disclosure and receipt requirements;
and the required notice regarding an agreement to sell
or assign the policy must provide that state law may specify
a certain time period restricting such agreement, rather
than the two-year limitation in the originally adopted
standards.
Citation to Published Notices: Notice
of this Rule was published on August 1, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: October
27, 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 August 21, 2008. Written requests
for a public hearing must be received no later than September
30, 2008.
Link to Comments submitted by members and the
public:
Comments
received by the Industry Advisory Committee
Comments
from LISA |
Subject Matter of Rule: The
Standards for Application Change Form apply to forms that
are used during the underwriting process to make changes
to answers that had been provided by the applicant in paper,
telephonic or electronic new business applications for
coverage provided by individual life insurance policy forms. These
standards are not intended to apply to forms that are used
to make policy changes, such as conversion, reinstatement,
exchange, re-qualification, or request to add benefits
to an existing policy.
Citation to Published Notices: Notice
of this Rule was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this proposed new operating
procedure until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28, 2007
Individual
Life Application Change Form Standards adopted on February
28, 2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members and the public:
Industry
Advisory Committee
This rule has been amended.
Date Amendment Approved by Management Committee:
October 27, 2008
Date Amendment Adopted by Commission: October
29, 2008
Effective Date of Amendment to Rule: February
12, 2009
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendment
to the Standards for Individual
Life Application Change Form
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the title of the Amendment
to Standards for Individual Life Application Change Form,
clarify the definition, and remove restrictions on using
forms filed under this rule with applications for new business
only.
Citation to Published Notices: Notice
of this Rule was published on August 1, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: October
27, 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 August 21, 2008. Written requests
for a public hearing must be received no later than September
30, 2008.
Link to Comments submitted by members and the
public:
Comments
received by the Industry Advisory Committee |
Subject Matter
of Proposed Rule: The Individual Annuity
Application Standards (the "Proposed Standards)
apply to paper, telephonic or electronic applications
for coverage provided by individual annuity contract
forms; and to new business applications as well as applications
used to request changes to existing contracts.
Citation to Published Notices: Notice
of this Rule was published on August 1, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: October
27, 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 September 30 , 2008. Written requests
for a public hearing must be received no later than August
21, 2008.
Date Approved by Management Committee: October
27, 2008
Date Adopted by Commission: October 29, 2008
Effective Date of Rule: February 12, 2009
Original Version: Individual
Annuity Application Standards
Link to Comments submitted by members and the
public:
Comments
received by the Industry Advisory Committee
This rule has been amended by Conforming Amendment.
Date Amendment Approved by Management committee:
December 4, 2009
Date Amendment Adopted by Commission: December
28, 2009 by operation of the Operating Procedure for the
Adoption of conforming Amendments to a Uniform Standard.
Effective Date of Rule: January 12, 2010
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Conforming
Amendments to Individual Annuity Application Standards
Subject Matter of Proposed Rule: The
purpose is to amend the Individual Annuity Application
Standards. The Conforming Amendments would appear
in Section 3 as a new Item G, “Agreement to Sell
or Assign Contract for Which Application is Being Made” and
would establish the ability for the application to inquire
whether any party to the application has or plans to enter
into any agreement to sell or assign ownership of a beneficial
interest in the applied-for-contract, and whether any party
to the application has ever sold, transferred or assigned
an annuity contract, the amendment also permits the application
to include a notice regarding potential state-imposed
limitations on the ability to sell, transfer or assign
an annuity contract. The remaining items in Section
3 would be re-numbered accordingly.
Citation to Published Rule: Notice
of this rule was published on October 29, 2009.
Name of persons requesting Public Hearing: None.
Date and Location of Public Hearing, if any: The
Rule for the Adoption of Conforming Amendments does not
establish a procedure for requesting a public hearing.
Status of Proposed Rule (including upcoming meetings): Adopted
Link to Comments submitted by members and the
public: None |
Subject Matter of Proposed Rule: The
Standards for Individual Annuity Application Change Form
(the "Proposed Standards) apply to forms that are
used during the underwriting process to make changes to
answers that had been provided by the applicant in paper,
telephonic or electronic applications for coverage provided
by individual annuity contract forms.
Citation to Published Notices: Notice
of this Rule was published on August 1, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: October
27, 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 September 30 , 2008. Written requests
for a public hearing must be received no later than August
21, 2008.
Date Approved by Management Committee: October
27, 2008
Date Adopted by Commission: October 29, 2008
Effective Date of Rule: February 12, 2009
Link to Comments submitted by members and the
public:
Comments
received by the Industry Advisory Committee |
Name of Proposed
Rule: Individual
Long-Term Care Insurance Application Standards
Subject Matter of Proposed Rule: The Individual
Long-Term Care Insurance Application Standards (the “Proposed
Standards”) apply to paper, telephonic or electronic
applications for coverage provided by individual long-term
care insurance policy forms. These standards are intended
to apply to new business applications as well as applications
used to request changes to existing policies.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Individual Long-Term Care Insurance Application Standards:
Memos from Product Standards Committee before recommendation:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Standards
for Forms Required to be Used with an Individual Long-Term
Care Insurance Application
Subject Matter of Proposed Rule: The Standards
for Forms Required to be Used with an Individual Long-Term
Care Insurance Application (the “Proposed
Standards”) apply to forms that are required
to be used with individual long-term care applications,
including the suitability forms, the Potential Rate
Increase Disclosure Form, the Replacement Notice and
the HIPAA Medical Authorization.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Standards for Forms Required to be used with an Individual Long-Term Care Insurance Application:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Standards
for Individual Long-Term Care Insurance Application Change
Form
Subject Matter of Proposed Rule: The Standards
for Individual Long-Term Care Insurance Application
Change Form (the “Proposed Standards”)
apply to forms used during the underwriting process
to make changes to answers that had been provided by
the applicant in paper, telephonic or electronic applications
for coverage provided by individual long-term care
insurance forms.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Standards for Individual Long-Term Care Insurance Application Change Form:
Link to Comments submitted by members and the
public:
|
INDIVIDUAL TERM LIFE PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of
Rule: The Individual Term Life Insurance Policy
Standards specify additional submission requirements,
form requirements and policy provisions for traditional
forms of individual term life insurance, including renewable
term for various term periods, term to a specified age,
and decreasing term insurance. Deposit term plans,
plans that provide joint and last to die survivorship
coverage, plans sold in connection with pre-need funeral
arrangements, and plans providing early duration reduced
benefits are not to be submitted using these standards. The
Standards include required and optional provisions for
applicable policy forms, such as any applicable exclusions,
death benefit proceeds, grace period, incontestability,
loans, reinstatement and right to examine.
Certain portions of the proposed Standards are also proposed
to be conforming amendments to each of the uniform standards
promulgated by the Interstate Insurance Product Regulation
Commission (“Commission”) on December 8, 2006: Flexible
Premium Adjustable Life Policy Standards, Joint Last to
Die Survivorship Flexible Premium Adjustable Life, Flexible
Premium Variable Adjustable Life, Joint Last to Die Survivorship
Flexible Premium Variable Adjustable Life, and Modified
Single Premium Adjustable Life. For further information,
please refer to the published notice of this proposed rule.
Citation to Published Notices: Notice of this Rule
was published on January 24, 2007.
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT via teleconference
Status of Proposed Rule (including upcoming meetings): This
uniform standard has been issued for notice and comment. Written
comments will be accepted on this proposed new uniform
standard until March 26, 2007. Written
requests for a public hearing must be received no later
than February 13, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June
1, 2007
Date Adopted by Commission: June 1, 2007
Effective Date of Rule: September 6, 2007
Original Version: Individual
Term Life Insurance Policy Standards
Link to Comments submitted by members and the public:
Rep.
Robert Damon (KY)
IIPRC
Industry Advisory Committee
LISA
Comments (03/26)
LISA
Comments (05/14)
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of
Proposed Rule: The Individual Single Premium
Term Life Insurance Policy Standards (the “Proposed
Standards”) specify additional submission requirements,
form requirements and policy provisions for traditional
forms of individual single premium term life insurance,
including various term periods, term to a specified age,
and decreasing term insurance. Deposit term plans, plans
that provide joint and last to die survivorship coverage,
plans sold in connection with pre-need funeral arrangements,
or plans providing early duration reduced benefits are
outside the scope of these Proposed Standards.
Citation
to Published Notices: Notice
of the Proposed Standards was published on March 1,
2007
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT 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 April 1, 2007. Written requests
for a public hearing must be received no later than March
21, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June
1, 2007
Date Adopted by Commission: June 1, 2007
Effective Date of Rule: September 6, 2007
Original Version: Individual
Single Premium Term Life Insurance Policy Standards
Link to Comments submitted by members and the public:
LISA
Comments (04/30)
Industry
Advisory Committee Comments
State
Representative Damron (KY) Comments
Kentucky
Comments
LISA
Comments (05/14)
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of
Rule: The Individual Joint Last to Die Survivorship
Term Life Insurance Policy Standards (the “Proposed
Standards”) specify additional submission requirements,
form requirements and policy provisions for traditional
forms of individual joint last to die survivorship term
life insurance, including renewable term for various
term periods, term to a specified age, and decreasing
term insurance, which provide that the death benefit
is payable upon the death of the last surviving insured
to die. Deposit term plans, plans sold in connection
with pre-need funeral arrangements, or plans providing
early duration reduced benefits are outside the scope
of these Proposed Standards.
Citation
to Published Notices: Notice
of the Proposed Standards was published on March 1,
2007
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT 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 April 1, 2007. Written requests
for a public hearing must be received no later than March
21, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June
1, 2007
Date Adopted by Commission: June 1, 2007
Effective Date of Rule: September 6, 2007
Original Version: Individual
Joint Last to Die Survivorship Term Life Insurance
Policy Standards
Link to Comments submitted by members and the public:
LISA
Comments (04/30)
Industry
Advisory Committee Comments
State
Representative Damron (KY) Comments
Kentucky
Comments
LISA
Comments (05/14)
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of
Proposed Rule: The Individual Single Premium
Joint Last to Die Survivorship Term Life Insurance Policy
Standards (the “Proposed Standards”) specify
additional submission requirements, form requirements
and policy provisions for traditional forms of individual
single premium term life insurance, including various
term periods, term to a specified age, and decreasing
term insurance, which provide that the death benefit
is payable upon the death of the last surviving insured
to die. Deposit term plans, plans that provide joint
and last to die survivorship coverage, plans sold in
connection with pre-need funeral arrangements, or plans
providing early duration reduced benefits are outside
the scope of these Proposed Standards.
Certain portions of the Proposed Standards are also proposed
to be conforming amendments to each of the uniform standards
promulgated by the Interstate Insurance Product Regulation
Commission on December 8, 2006: Flexible Premium Adjustable
Life Policy Standards, Joint Last to Die Survivorship Flexible
Premium Adjustable Life, Flexible Premium Variable Adjustable
Life, Joint Last to Die Survivorship Flexible Premium Variable
Adjustable Life, and Modified Single Premium Adjustable
Life. For further information, please refer to the published
notice of the Proposed Standards.
Citation
to Published Notices: Notice
of the Proposed Standards was published on March 1,
2007
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT 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 April 1, 2007. Written requests
for a public hearing must be received no later than March
21, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June
1, 2007
Date Adopted by Commission:
Effective Date of Rule: September 6, 2007
Original Version: Individual
Single Premium Joint Last to Die Survivorship Term
Life Insurance Policy Standards
Link to Comments submitted by members and the public:
LISA
Comments (04/30)
Industry
Advisory Committee Comments
State
Representative Damron (KY) Comments
Kentucky
Comments
LISA
Comments (05/14)
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
INDIVIDUAL WHOLE LIFE PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter
of Rule: The Individual Whole Life Insurance
Policy Standards (the “Proposed Standards”)
specify additional submission requirements, form requirements
and policy provisions for traditional forms of individual
whole life insurance, including limited pay whole life
insurance. The Proposed Standards include required and
optional provisions for applicable policy forms, such
as any applicable exclusions, death benefit proceeds,
grace period, incontestability, loans, reinstatement
and right to examine. Plans that are interest sensitive
with an account value, plans that provide joint and last
to die survivorship coverage, plans sold in connection
with pre-need funeral arrangements and plans providing
early duration reduced benefits are outside the scope
of these standards.
Citation
to Published Notices: Notice
of the Proposed Standards was published on March 14,
2007
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT 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 May 14, 2007. Written requests for a public hearing
must be received no later than April 3, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June
1, 2007
Date Adopted by Commission: June
1, 2007
Effective Date of Rule: September
6, 2007
Original Version: Individual
Whole Life Insurance Policy Standards
Link to Comments submitted by members and the
public:
AARP
Comments
IIPRC
Industry Advisory Committee Comments
Kentucky
Comments
LISA
Comments
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter
of Rule: The Individual Single Premium Whole
Life Insurance Policy Standards (the “Proposed
Standards”) specify additional submission requirements,
form requirements and policy provisions for traditional
forms of individual single premium whole life insurance.
The Proposed Standards include required and optional
provisions for applicable policy forms, such as any applicable
exclusions, death benefit proceeds, grace period, incontestability,
loans and right to examine. Plans that are interest sensitive
with an account value, plans sold in connection with
pre-need funeral arrangements and plans providing early
duration reduced benefits are outside the scope of these
standards.
Citation
to Published Notices: Notice
of the Proposed Standards was published on March 14,
2007
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT 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 May 14, 2007. Written requests for a public hearing
must be received no later than April 3, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June
1, 2007
Date Adopted by Commission: June
1, 2007
Effective Date of Rule: September
6, 2007
Original Version: Individual
Single Premium Whole Life Insurance Policy Standards
Link to Comments submitted by members and the
public:
AARP
Comments
IIPRC
Industry Advisory Committee Comments
Kentucky
Comments
LISA
Comments
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter
of Rule: The Individual Joint Last to
Die Survivorship Whole Life Insurance Policy Standards
(the “Proposed Standards”) specify additional
submission requirements, form requirements and policy
provisions for traditional forms of individual joint
last to die survivorship whole life insurance, including
limited pay whole life insurance, which provide that
the death benefit is payable upon the death of the last
surviving insured to die. The Proposed Standards include
required and optional provisions for applicable policy
forms, such as any applicable exclusions, death benefit
proceeds, grace period, incontestability, loans, reinstatement
and right to examine. Plans that are interest sensitive
with an account value, plans sold in connection with
pre-need funeral arrangements and plans providing early
duration reduced benefits are outside the scope of these
standards.
Citation
to Published Notices: Notice
of the Proposed Standards was published on March 14,
2007
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT 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 May 14, 2007. Written requests for a public hearing
must be received no later than April 3, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June
1, 2007
Date Adopted by Commission: June
1, 2007
Effective Date of Rule: September
6, 2007
Original Version: Individual
Joint Last to Die Survivorship Whole Life Insurance Policy
Standards
Link to Comments submitted by members and the
public:
AARP
Comments
IIPRC
Industry Advisory Committee Comments
Kentucky
Comments
LISA
Comments
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of Rule: The
Individual Single Premium Joint Last to Die Survivorship
Whole Life Insurance Policy Standards (the “Proposed
Standards”) specify additional submission requirements,
form requirements and policy provisions for traditional
forms of individual joint last to die survivorship whole
life insurance, including limited pay whole life insurance,
which provide that the death benefit is payable upon the
death of the last surviving insured to die. The Proposed
Standards include required and optional provisions for
applicable policy forms, such as any applicable exclusions,
death benefit proceeds, grace period, incontestability,
loans, reinstatement and right to examine. Plans that are
interest sensitive with an account value, plans sold in
connection with pre-need funeral arrangements and plans
providing early duration reduced benefits are outside the
scope of these standards.
Citation
to Published Notices: Notice
of the Proposed Standards was published on March 14,
2007
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: May
16, 2007, 1:00 pm ET/ 12:00 pm CT 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 May 14, 2007. Written requests for a public hearing
must be received no later than April 3, 2007. The
Proposed Standards are subject to Management Committee
and Commission review, approval and adoption on June 1.
Date Approved by Management Committee: June 1,
2007
Date Adopted by Commission:
Effective Date of Rule: September 6, 2007
Original Version: Individual
Single Premium Joint Last to Die Survivorship Whole Life
Insurance Policy Standards
Link to Comments submitted by members and the
public:
AARP
Comments
IIPRC
Industry Advisory Committee Comments
Kentucky
Comments
LISA
Comments
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter
of Proposed Rule: The Individual Current
Assumption Whole Life Insurance Policy Standards (the “Proposed
Standards”) specify submission requirements, form
requirements and policy provisions for individual current
assumption whole life insurance, including limited pay
policies. The Proposed Standards include required and
optional provisions for applicable policy forms, such
as any applicable exclusions, death benefit proceeds,
grace period, incontestability, loans and right to examine.
I’d suggest changing the font in this paragraph
to match the others.
Certain portions of the Proposed Standards are also proposed
to be conforming amendments to each of the uniform standards
adopted by the Interstate Insurance Product Regulation
Commission on December 8, 2006: Flexible Premium Adjustable
Life Policy Standards, Joint Last to Die Survivorship Flexible
Premium Adjustable Life, Flexible Premium Variable Adjustable
Life, Joint Last to Die Survivorship Flexible Premium Variable
Adjustable Life, and Modified Single Premium Adjustable
Life. For further information, please refer to the published
notice of the Proposed Standards.
Citation
to Published Notices: Notice of this Rule was
published on April 27, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 June 26, 2007. Written requests
for a public hearing must be received no later than May
17, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28, 2007
Effective Date of Rule: January 3, 2008
Original Version: Individual
Current Assumption Whole Life Insurance Policy Standards
and Conforming Amendments to Individual Adjustable Life
Standards
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee
Name of Proposed Rule: Amendments
to the Individual Current Assumption Whole Life Insurance
Policy Standards
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Scope section of the
Individual Current Assumption Whole Life Insurance Policy
Standards. The amendment would relocate two existing sentences
from the second paragraph of the Scope section to the end
of the first paragraph. This is intended to clarify that
these standards do apply to the product features described
in these sentences. This amendment would also delete the
existing Appendix B and renumber accordingly because the
actuarial demonstration contained in this appendix does
not correspond to the demonstration called for in paragraph
6A of the actuarial submission requirements within the
body of these standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted |
INDIVIDUAL ENDOWMENT INSURANCE PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of Proposed Rule: The
Individual Endowment Insurance Policy Standards specify
submission requirements, form requirements and policy provisions
for individual endowment insurance policies; including
limited pay endowment insurance except for single premium
endowment insurance policy standards. Plans that are interest
sensitive with an account value, plans that provide joint
and last to die survivorship coverage, plans sold in connection
with pre-need funeral arrangements, plans providing early
duration reduced benefits, or plans providing return of
premium benefits shall not be submitted under these standards.
Citation
to Published Notices: Notice of this Rule was
published on June 27, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 August 26, 2007. Written requests
for a public hearing must be received no later than July
17, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28, 2007
Effective Date of Rule: January 3, 2008
Original Version: Individual
Endowment Insurance Policy Standards
Link to Comments submitted by members and the
public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter
of Proposed Rule: The Individual Single
Premium Endowment Insurance Policy Standards specify
submission requirements, form requirements and policy
provisions for individual single premium endowment insurance
policies. Plans that are interest sensitive with an account
value, plans that provide joint and last to die survivorship
coverage, plans sold in connection with pre-need funeral
arrangements, or plans providing early duration reduced
benefits shall not be submitted under these standards.
Citation
to Published Notices: Notice of this Rule was
published on June 27, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 August 26, 2007. Written requests
for a public hearing must be received no later than July
17, 2007.
Date Approved by Management Committee: September,
27 2007
Date Adopted by Commission: September 28,2007
Effective Date of Rule: January 3, 2008
Original Version: Individual
Single Premium Endowment Insurance Policy Standards
Link to Comments submitted by members and the
public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of Proposed Rule: The
Individual Joint Last To Die Survivorship Endowment Insurance
Policy Standards specify submission requirements, form
requirements and policy provisions for individual joint
last to die survivorship endowment insurance policies,
which provide that the death benefit is payable upon the
death of the last surviving insured to die, including limited
pay endowment insurance except for single premium endowment
insurance policy standards. Plans that are interest sensitive
with an account value, plans sold in connection with pre-need
funeral arrangements, plans providing early duration reduced
benefits, or plans providing return of premium benefits
that have endowment-like features shall not be submitted
under these standards.
Citation
to Published Notices: Notice
of this Rule was published on June 27, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 August 26, 2007. Written requests
for a public hearing must be received no later than July
17, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28, 2007
Effective Date of Rule: January 3, 2008
Original Version: Individual
Joint Last To Die Survivorship Endowment Insurance
Policy Standards
Link to Comments submitted by members and the
public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter
of Proposed Rule: The Individual Single
Premium Joint Last To Die Survivorship Endowment Insurance
Policy Standards specify submission requirements, form
requirements and policy provisions for traditional forms
of individual single premium joint last to die survivorship
endowment insurance which provide that the death benefit
is payable upon the death of the last surviving insured
to die. Plans that are interest sensitive with an account
value, plans sold in connection with pre-need funeral
arrangements, or plans providing early duration reduced
benefits shall not be submitted under these standards.
Citation
to Published Notices: Notice of this Rule was
published on June 27, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 August 26, 2007. Written requests
for a public hearing must be received no later than July
17, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28,
2007
Effective Date of Rule: January 3, 2008
Original Version: Individual
Single Premium Joint Last To Die Survivorship Endowment
Insurance Policy Standards
Link to Comments submitted by members and the
public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Actuarial Certification of Compliance
Subject Matter of Proposed Rule: The
purpose of this rule is to amend certain uniform standards
by clarifying the requirement that certain elements of
the actuarial memorandum be certified as compliant with
NAIC model laws or regulations. This amendment would affect
all individual life insurance policy standards that do
not already contain a sample certification.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
INDIVIDUAL NON-VARIABLE ADJUSTABLE LIFE INSURANCE PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of Rule: The
purpose of this rule is to establish reasonable uniform
standards for Individual Flexible Premium Adjustable Life
products filed with the Interstate Insurance Product Regulation
Commission (“IIPRC”). A Flexible Premium Adjustable
Life policy allows the owner to vary the amount and/or
timing of premium payments and may allow the owner to adjust
the amount of insurance. The policy provides for an optionally
paid “planned” premium selected by the owner,
and may provide more than one death benefit option (for
example, the Specified Amount, the Specified Amount plus
Account Value and the Specified Amount plus Return of Premium).
The policy operates with a monthly deduction (which includes
the cost of insurance and other charges) being deducted
from the account value of the policy. Monthly deductions
continue until the value is insufficient to cover the current
monthly deduction due. The policy then terminates, subject
to a grace period of at least 60 days.
Comparison
Version Highlighting the Conforming Amendments
Date Approved by Management Committee: December
8, 2006
Date Adopted by Commission: December 8, 2006
Effective Date of Rule: April 5, 2007
Date Amended Version Approved by the Management
Committee: June 1, 2007
Date Amended Version Adopted by Commission: June
1, 2007
Effective Date of Amended Rule: September 30,
2007
Original Version: Individual
Flexible Premium Adjustable Life Insurance Policy Standards
Link to Comments submitted by members and the public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of Rule: The
purpose of this rule is to establish reasonable uniform
standards for Individual Joint Last to Die Survivorship
Flexible Premium Adjustable Life products filed with the
Interstate Insurance Product Regulation Commission (“Commission”).
A Flexible Premium Adjustable Life policy allows the owner
to vary the amount and/or timing of premium payments and
may allow the owner to adjust the amount of insurance.
As survivorship coverage the policy provides that the death
benefit is payable upon the death of the last surviving
insured to die. The policy provides for an optionally paid “planned” premium
selected by the owner, and may provide more than one death
benefit option (for example, the Specified Amount, the
Specified Amount plus Account Value and the Specified Amount
plus Return of Premium). The policy operates with a monthly
deduction (which includes the cost of insurance and other
charges) being deducted from the account value of the policy.
Monthly deductions continue until the value is insufficient
to cover the current monthly deduction due. The policy
then terminates, subject to a grace period of at least
60 days.
Comparison
Version Highlighting the Conforming Amendments
Date Approved by Management Committee: December
8, 2006
Date Adopted by Commission: December 8, 2006
Effective Date of Rule: April 5, 2007
Original Version: Individual
Joint Last to Die Survivorship Flexible Premium Adjustable
Life Insurance Policy Standards
Date Amended Version Approved by the Management
Committee: June 1, 2007
Date Amended Version Adopted by Commission: June
1, 2007
Effective Date of Amended Rule: September 30,
2007
Link to Comments submitted by members and the public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of Rule: The
purpose of this rule is to establish reasonable uniform
standards for Individual Single Premium Modified Adjustable
Life products filed with the Interstate Insurance Product
Regulation Commission (“IIPRC”). A Modified
Single Premium Adjustable Life policy allows the owner
to pay a single premium at issue of at least 80% of the
single premium necessary to comply with either the federal
Guideline Single Premium Test or the federal Cash Value
Accumulation Test, as applicable for the plan. Subsequent
to issue the owner is generally permitted to pay any balance
of the single premium necessary. The policy may allow the
owner to adjust the amount of insurance. and may provide
more than one death benefit option (for example, the Specified
Amount, the Specified Amount plus Account Value and the
Specified Amount plus Return of Premium). The policy operates
with a monthly deduction (which includes the cost of insurance
and other charges) being deducted from the account value
of the policy. Monthly deductions continue until the value
is insufficient to cover the current monthly deduction
due. The policy then terminates, subject to a grace period
of at least 60 days.
Comparison
Version Highlighting the Conforming Amendments
Date Approved by Management Committee: December
8, 2006
Date Adopted by Commission: December 8, 2006
Effective Date of Rule: April 5, 2007
Original Version: Individual
Modified Single Premium Adjustable Life Insurance
Policy Standards
Date Amended Version Approved by the Management
Committee: June 1, 2007
Date Amended Version Adopted by Commission: June
1, 2007
Effective Date of Amended Rule: September 30,
2007
Link to Comments submitted by members and the public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
INDIVIDUAL VARIABLE ADJUSTABLE LIFE INSURANCE PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of Proposed Rule: The
Individual Modified Single Premium Variable Life Insurance
Policy Standards (the “Proposed Standards”)
specify submission requirements, form requirements and
policy provisions for individual modified single premium
variable life insurance that provide s for benefits and
values to vary in relation to the performance of an underlying
separate account. Such policies allow the owner to pay
a single premium at issue between 80% and 100% of the federal
Guideline Single Premium. The Proposed Standards include
required and optional provisions for applicable policy
forms, such as any applicable exclusions, death benefit
proceeds, grace period, incontestability, loans and right
to examine .
Citation
to Published Notices: Notice
of this Rule was published on April 27, 2007.
Date Approved by Management Committee: December
8, 2006
Date Adopted by Commission: December 8, 2006
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 June 26, 2007. Written requests
for a public hearing must be received no later than May
17, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28, 2007
Effective Date of Rule: January 3, 2008
Original Version: Individual
Modified Single Premium Variable Life Insurance Policy
Standards
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of Proposed Rule: The
Individual Modified Single Premium Joint First To Die Variable
Life Insurance Policy Standards (the “Proposed Standards”)
specify submission requirements, form requirements and
policy provisions for individual modified single premium
joint first to die variable life insurance policies that
provide for benefits and values to vary in relation to
the performance of an underlying separate account. As joint
first to die coverage, these standards apply where two
insureds are insured and the death benefit is payable upon
the first death. Such policies allow the owner to pay a
single premium at issue between 80% and 100% of the federal
Guideline Single Premium. The proposed Standards include
required and optional provisions for applicable policy
forms, such as any applicable exclusions, death benefit
proceeds, grace period, incontestability, loans and right
to examine.
Citation
to Published Notices: Notice
of this Rule was published on April 27, 2007.
Date Approved by Management Committee: December
8, 2006
Date Adopted by Commission: December 8, 2006
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 June 26, 2007. Written requests
for a public hearing must be received no later than May
17, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28,2007
Effective Date of Rule: January 3, 2008
Original Version: Individual
Modified Single Premium Joint First To Die Variable
Life Insurance Policy Standards
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of Rule: T
he purpose of this rule is to establish reasonable uniform
standards for Individual Flexible Premium Variable Adjustable
Life products filed with the Interstate Insurance Product
Regulation Commission (“Commission”). A Flexible
Premium Variable Adjustable Life policy allows the owner
to vary the amount and/or timing of premium payments and
may allow the owner to adjust the amount of insurance.
The policy provides for an optionally paid “planned” premium
selected by the owner, and may provide more than one death
benefit option (for example, the Specified Amount, the
Specified Amount plus Account Value and the Specified Amount
plus Return of Premium). The policy operates with a monthly
deduction (which includes the cost of insurance and other
charges) being deducted from the account value of the policy.
Monthly deductions continue until the value is insufficient
to cover the current monthly deduction due. The policy
then terminates, subject to a grace period of at least
60 days. These standards apply to policies that provide
for benefits and values to vary in relation to the performance
of an underlying separate account. These policies usually
also allow for a general account or general account option,
where money is deposited in the general account of the
company and guaranteed to accumulate at specified interest
rates.
Comparison
Version Highlighting the Conforming Amendments
Date Approved by Management Committee: December
8, 2006
Date Adopted by Commission: December 8, 2006
Effective Date of Rule: April 5, 2007
Date Amended Version Approved by the Management
Committee: June 1, 2007
Date Amended Version Adopted by Commission: June
1, 2007
Effective Date of Amended Rule: September 30,
2007
Original Version: Individual
Flexible Premium Variable Adjustable Life Insurance
Policy Standards
Link to Comments submitted by members and the public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
Subject Matter of Rule: The
purpose of this rule is to establish reasonable uniform
standards for Individual Joint Last to Die Flexible Premium
Variable Adjustable Life products filed with the Interstate
Insurance Product Regulation Commission (“Commission”).
A Flexible Premium Variable Adjustable Life policy allows
the owner to vary the amount and/or timing of premium payments
and may allow the owner to adjust the amount of insurance.
As survivorship coverage the policy provides that the death
benefit is payable upon the death of the last surviving
insured to die. The policy provides for an optionally paid “planned” premium
selected by the owner, and may provide more than one death
benefit option (for example, the Specified Amount, the
Specified Amount plus Account Value and the Specified Amount
plus Return of Premium). The policy operates with a monthly
deduction (which includes the cost of insurance and other
charges) being deducted from the account value of the policy.
Monthly deductions continue until the value is insufficient
to cover the current monthly deduction due. The policy
then terminates, subject to a grace period of at least
60 days. These standards apply to policies that provide
for benefits and values to vary in relation to the performance
of an underlying separate account. These policies usually
also allow for a general account or general account option,
where money is deposited in the general account of the
company and guaranteed to accumulate at specified interest
rates.
Comparison
Version Highlighting the Conforming Amendments
Date Approved by Management Committee: December
8, 2006
Date Adopted by Commission: December 8, 2006
Effective Date of Rule: April 5, 2007
Original Version: Individual
Joint Last to Die Survivorship Flexible Premium Variable
Adjustable Life Insurance Policy Standards
Date Amended Version Approved by the Management
Committee: June 1, 2007
Date Amended Version Adopted by Commission: June
1, 2007
Effective Date of Amended Rule: September 30,
2007
Link to Comments submitted by members and the public:
This rule has been amended.
Date Amendment Approved by Management Committee:
August 25, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: December
14, 2008
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments to
Actuarial Memorandum Requirements Section
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the individual life insurance
policy standards to relocate existing submission requirements
related to the actuarial memorandum into a separate, independent
section of the standards. The objective of this amendment
is to improve compliance with the actuarial submission
requirements in product filings received by the Interstate
Insurance Product Regulation Commission (“IIPRC”)
and to simplify the product review and approval process.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
Name of Proposed Rule: Amendment
Regarding Underwriting Exclusions
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Exclusions section
of certain uniform standards. The amendment concerns the
method of adding exclusions to a policy such that addition
by policy amendment would be permitted, along with the
existing methods of rider and endorsement. This amendment
would also permit exclusions on the basis of foreign travel
and foreign residency, subject to applicable law in the
state where the policy is delivered or issued for delivery
and subject to the general requirements for adding such
exclusions. The amendment also prohibits excluding death
benefits on the basis of risk of death as a result of war
or activities of military service for applicants identified
as members of the military in the application. The general
requirements for adding exclusions are provided in the
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process and the applicable individual
policy standards.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Additional
Amendment Proposed by the Product Standards Committee
Memo
regarding Additional Amendment Proposed by the Product
Standards Committee |
STANDARDS FOR INDIVIDUAL LIFE BENEFIT FEATURES
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of
Rule: The Standards for All Benefit Features
Added by Rider, Endorsement or Amendment to an Individual
Life Policy provide general submission and form requirements
that apply to all benefits added to policies by rider,
endorsement or amendment. These standards are in
addition to the specific standards applicable to each
benefit feature.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this proposed new operating
procedure until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28, 2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members and the public:
Industry
Advisory Committee |
Subject Matter of Rule: The
Standards for Accidental Death Benefits provide for the
payment of benefits to the beneficiary under a life insurance
policy in the event death occurs due to an accident as
defined by the terms of the policy. The Standards
apply to this benefit feature whether the feature is added
to a policy by rider, endorsement, amendment or incorporation
into a policy form. The Standards include required
and optional provisions for the benefit, such as any applicable
exclusions, incontestability, and termination.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if
any: February 23, 2007, 12:30 CT/1:30 ET via conference
call
Status of Rule (including upcoming meetings): This
uniform standard has been issued for notice and comment. Written
comments will be accepted on this proposed new uniform
standard until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee:
February 26, 2007 (Explanatory
Statement)
Date Adopted by Commission: February 28,
2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members
and the public:
Industry
Advisory Committee
|
Subject Matter of Rule: The
Standards for Accidental Death and Dismemberment Benefits
provide for the payment of benefits to the beneficiary
under a life insurance policy in the event death occurs
due to an accident as defined by the terms of the policy. The
Standards apply to this benefit feature whether the feature
is added to a policy by rider, endorsement, amendment or
incorporation into a policy form. The Standards include
required and optional provisions for the benefit, such
as any applicable exclusions, incontestability, and termination.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): This
uniform standard has been issued for notice and comment. Written
comments will be accepted on this proposed new uniform
standard until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28, 2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members and the public:
Industry
Advisory Committee |
Subject Matter of Rule: The
Standards for Accelerated Death Benefits provide for the
advance payment of some or all of the death proceeds payable
under a life insurance policy upon the occurrence of a
qualifying event. The Standards apply to the benefit
feature whether added to a policy by rider, endorsement,
amendment or incorporation into a policy form. The
Standards include required and optional provisions for
the benefit, such as any applicable exclusions, incontestability,
reinstatement and termination. The Standards also
require the submission of an actuarial certification that
the value and premium of the accelerated death benefit
is incidental to the life coverage.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this proposed new operating
procedure until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28, 2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members and the public:
Industry
Advisory Committee |
Subject Matter of Rule: These
standards apply to the waiver of premiums due under an
individual life insurance policy in the event that the
insured becomes totally disabled under the terms of the
policy form. The Standards apply to this benefit feature
whether the feature is added to a policy by rider, endorsement,
amendment or incorporation into a policy form. The
Standards include required and optional provisions for
the benefit, such as any applicable exclusions, incontestability,
misstatement of payor’s age and termination.
Citation to Published Notices: Notice
of this Rule was published on December 22, 2006
Name of persons requesting Public Hearing: Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): These
standards have been issued for notice and comment. Written
comments will be accepted on these proposed new standards
until January 23, 2007. Written
requests for a public hearing must be received no later
than December 12, 2006. A public
hearing to receive comments is scheduled for February
23, 2007. This proposed rule may be considered
at a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28, 2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members and the public:
Industry
Advisory Committee |
Subject Matter of Rule: The
Standards for Waiver of Monthly Deductions Benefit provide
for monthly deductions made under an individual life insurance
policy to be waived in the event the insured becomes totally
disabled under the terms of the policy. The Standards
apply to this benefit feature whether the feature is added
to a policy by rider, endorsement, amendment or incorporation
into a policy form. The Standard includes required
and optional provisions for the benefit, such as any applicable
exclusions, incontestability, effect of policy adjustments
and termination.
Citation
to Published Notices: Notice
of this Rule was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if
any: February 23, 2007, 12:30 CT/1:30 ET via conference
call
Status of Rule (including upcoming meetings): This
uniform standard has been issued for notice and comment. Written
comments will be accepted on this proposed new uniform
standard until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28,
2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members
and the public:
Industry
Advisory Committee |
Subject Matter of Rule: The
Standards for Waiver of Premium Benefit for Child Insurance
in the Event of Payor’s Total Disability or Death
provide for premiums due for an insured child under an
individual life insurance policy to be waived in the event
of the payor’s total disability or death under the
terms of the policy. The Standards apply to this
benefit feature whether the feature is added to a policy
by rider, endorsement, amendment or incorporation into
a policy form. The Standards include required and
optional provisions for the benefit, such as any applicable
exclusions, incontestability, misstatement of payor’s
age, reinstatement, and termination.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this proposed new operating
procedure until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28, 2007
Effective Date of Rule: May 31, 2007
Link to Comments submitted by members and the public:
Industry
Advisory Committee |
Subject Matter of Proposed Rule: The
Standards For Additional Life Insurance Benefits Provided
On A Guaranteed Insurability Basis (the “Proposed
Standards”) specify submission requirements, form
requirements and policy provisions for additional life
insurance coverage on the life of a designated insured
at specified dates and in specified amounts or under a
specified formula, without requiring evidence of insurability
for the designated insured; applying to benefits that are
built-in to individual life insurance policy forms or added
to such policy forms by rider, amendment or endorsement.
Citation
to Published Notices: Notice of this Rule was published
on September 4, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any:
November 13, 2007 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 November 3, 2007. Written requests
for a public hearing must be received no later than September
24, 2007.
Date Approved by Management Committee: December
1, 2007
Date Adopted by Commission: December
1, 2007
Effective Date of Rule: March
11, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee |
Subject Matter of Proposed Rule: The
Standards For Additional Term Life Insurance Benefits (the “Proposed
Standards”) specify submission requirements, form
requirements and policy provisions for additional term
life benefits for the primary and any additional insureds
in individual life insurance forms; applying to benefits
that are built-in to individual life insurance policy forms
or added to such policy forms by rider, amendment or endorsement
.
Citation
to Published Notices: Notice of this Rule was published
on September 4, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any:
November 13, 200 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 November 3, 2007. Written requests
for a public hearing must be received no later than September
24, 2007.
Date Approved by Management Committee: December
1, 2007
Date Adopted by Commission: December
1, 2007
Effective Date of Rule: March
11, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee |
Subject Matter of Proposed Rule: The
Standards for Forms Used to Provide Tax Qualified Plan
Provisions for Individual Life Insurance Policies (the "Proposed
Standards) apply to provisions that are required in individual
life insurance policies to comply with specified tax code
requirements applicable to such policies when they are
intended to be issued as tax qualified plans; applying
to provisions that are either built into the life insurance
policy or added to such policy by rider, endorsement or
amendment.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Commissioner
Glen Wilson
Date and Location of Public Hearing, if any: August
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 August 5, 2008. Written requests
for a public hearing must be received no later than June
26, 2008.
Date Approved by Management Committee: Monday,
August 25, 2008
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: December 14, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee |
Subject Matter of Proposed Rule: The
Standards for Forms Used to Exclude Policy Coverage Based
on the Underwriting Process (the "Proposed Standards)
apply to provisions which exclude individual life insurance
policy coverage, when the exclusions are based on information
disclosed by the insured in the application or identified
for the insured during the underwriting process; applying
to provisions built into the life insurance policy or added
to such policy by rider, endorsement or amendment and may
be added to a change in coverage at the same time that
the change in coverage is made to the policy.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Commissioner
Glen Wilson
Date and Location of Public Hearing, if any: August
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 August 5, 2008. Written requests
for a public hearing must be received no later than June
26, 2008.
Date Approved by Management Committee: Monday,
August 25, 2008
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: November 25, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee |
Subject Matter of Proposed Rule: The
Standards for Riders, Endorsements or Amendments Used to
Effect Individual Life Insurance Policy Changes (the "Proposed
Standards) apply to riders, endorsements or amendments
that are used to effect policy changes that have been requested
for an individual life insurance policy by the owner either
on the policy date of issue or after the policy date of
issue. These standards do not apply to forms used to provide
tax qualified plan provisions and to exclude policy coverage
based on the underwriting process, because separate standards
apply to these forms.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Commissioner
Glen Wilson
Date and Location of Public Hearing, if any: August
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 August 5, 2008. Written requests
for a public hearing must be received no later than June
26, 2008.
Date Approved by Management Committee: Monday,
August 25, 2008
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: December 14, 2008
Link to Comments submitted by members and the
public: |
Subject Matter of Proposed Rule: Additional
Standards for Index-Linked Crediting Benefit Features for
Individual Flexible Premium Adjustable Life Insurance Policies
(the "Proposed Standards) apply to index-linked crediting
features that are built-in to individual non-variable adjustable
life policies.
Citation to Published Notices: Notice
of this rule was published on December 12, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson
Date and Location of Public Hearing, if any: Monday,
February 23, 2009 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, 2009. Written requests
for a public hearing must be received no later than January
1, 2009.
Date Approved by Management Committee: Monday,
February 23, 2009
Date Adopted by Commission: Saturday,
March 14, 2009
Effective Date of Rule: June 25, 2009
Link to Comments submitted by members and the
public:
Industry
Advisory Comments
Standards
with IAC Comments Incorporated
|
Subject Matter of Proposed Rule: Additional
Standards for Intermediate Period Endowment Benefit Features
for Individual Life Insurance Policies (including Return
of Premium) (the "Proposed Standards) apply to individual
life insurance policies, other than variable and non-variable
adjustable life policies and current assumption whole life
policies, that provide for an endowment benefit payable
at a known intermediate duration during a longer period
of life insurance protection; the premium rate scale during
the endowment period must be guaranteed; and the endowment
benefit can be built-in or added to such policies at issue
by rider, amendment or endorsement.
Citation to Published Notices: Notice
of this rule was published on December 12, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson
Date and Location of Public Hearing, if any: Monday,
February 23, 2009 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, 2009. Written requests
for a public hearing must be received no later than January
1, 2009.
Date Approved by Management Committee: Monday,
February 23, 2009
Date Adopted by Commission: Saturday,
March 14, 2009
Effective Date of Rule: June 25, 2009
Link to Comments submitted by members and the
public:
Industry
Advisory Comments
Standards
with IAC Comments Incorporated
|
INDIVIDUAL VARIABLE ANNUITY PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
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.
Version
Noticed Out for 60-day Public Comment
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: May 30, 2008
Effective
Date of Rule: Sept. 11, 2008
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
This rule has been amended.
Information Regarding the Amendment to the Standards:
Date Amendments Approved by Management Committee: Monday,
February 23, 2009
Date Amendments Adopted by Commission: Saturday,
March 14, 2009
Effective Date of Amendments to the Rule: June
25, 2009
Name of Proposed Rule: Amendments
to Core Standards for Individual Deferred Variable Annuity
Contracts
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Individual Deferred
Variable Annuity Contract Standards. The amendments are
to the Scope section, the Contract Guarantees and the Guidelines
for Appendices A-1 and A-2 for Annuity Nonforfeiture Minimum
Value Compliance for use with Individual Flexible Premium
Deferred Variable Annuity products filed with the Interstate
Insurance Product Regulation Commission. The amendments
are intended to conform these standards with similar wording
proposed in the Additional Standards for Bonus Benefits
for Individual Deferred Variable Annuity Standards.
Citation to Published Notices: Notice
of this Rule was published on December 12, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Monday,
February 23, 2009 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, 2009. Written requests
for a public hearing must be received no later than January
1, 2009.
Link to Comments submitted by members and the
public: |
While this Uniform Standard, the Individual
Flexible Premium Deferred Variable Annuity Contract Standards
(with Separate and General Accounts), is available
for product filing submission, the Core
Standards for Individual Deferred Variable Annuity Contracts were
drafted to encompass all the requirements for all
or several types of variable annuity products. We strongly
advise also utilizing the Core Standards for
Individual Deferred Variable Contracts when submitting
an Individual Flexible Premium Deferred Variable Annuity filing
to the IIPRC for review.
Subject Matter of Proposed Rule: The
Individual Flexible Premium Deferred Variable Annuity Contract
Standards (With Separate and General Accounts) (the “Proposed
Standards”) specify submission requirements, form
requirements and contract provisions for individual deferred
variable annuity contract standards that include flexible
premium payments over the life of a contract and provide
for funds to be held in separate and general accounts.
The standards do not apply to an individual deferred variable
annuity contract that provides for indexing, bonuses, guaranteed
death benefits, guaranteed living benefits or other guarantees
for the separate account funds.
Citation
to Published Notices: Notice of this Rule was
published on July 25, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 September 23, 2007. Written requests
for a public hearing must be received no later than August
14, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28, 2007
Effective Date of Rule: January 3, 2008
Link to Comments submitted by members and the public: |
While this Uniform Standard, the Individual
Fixed Premium Deferred Variable Annuity Contract Standards
(with Separate and General Accounts), is available
for product filing submission, the Core
Standards for Individual Deferred Variable Annuity Contracts were
drafted to encompass all the requirements for all
or several types of variable annuity products. We strongly
advise also utilizing the Core Standards for
Individual Deferred Variable Contracts when submitting
an Individual Flexible Premium Deferred Variable Annuity filing
to the IIPRC for review.
Subject Matter of Proposed Rule: The
Individual Fixed Premium Deferred Variable Annuity Contract
Standards (With Separate and General Accounts) (the “Proposed
Standards”) specify submission requirements, form
requirements and contract provisions for individual deferred
variable annuity contract standards that include fixed
premium payments as specified and provide for funds to
be held in separate and general accounts. The standards
do not apply to an individual deferred variable annuity
contract that provides for indexing, bonuses, guaranteed
death benefits, guaranteed living benefits or other guarantees
for the separate account funds.
Citation
to Published Notices: Notice
of this Rule was published on July 25, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: September
27, 2007, Marriott Wardman Park Hotel, 2600 Woodley Road,
NW Washington DC
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 September 23, 2007. Written requests
for a public hearing must be received no later than August
14, 2007.
Date Approved by Management Committee: September
27, 2007
Date Adopted by Commission: September 28,
2007
Effective Date of Rule: January 3, 2008
Link to Comments submitted by members and the public: |
Subject Matter of Proposed Rule: The
Standards For Individual Immediate Variable Annuity Contract
(the “Proposed Standards”) specify submission
requirements, form requirements and contract provisions
for individual life contingent immediate variable annuity,
both with or without a period certain, that provide for
a single premium payment, and that provide 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 February 15, 2008.
Version
Noticed Out for 60-day Public Comment
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Vice Chair, Ohio
Date and Location of Public Hearing, if any: April
28, 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 April 15, 2008. Written requests
for a public hearing must be received no later than March
6, 2008.
Date Approved by Management Committee: April
28, 2008
Date Adopted by Commission: May 30, 2008
Effective Date of Rule: September 11, 2008
Link to Comments submitted by members and the
public:
Industry
Advisory comments on Individual Immediate Variable Annuity
Contract Standards and Non-Variable Annuity Contract Standards |
Subject Matter of Proposed Rule: The
Additional Standards for Guaranteed Living Benefits for
Individual Deferred Variable Annuities (the “Proposed
Standards”) apply to guaranteed living benefits (GLB)
that are built into individual deferred variable annuity
contracts or added to such contracts by rider, endorsement
or amendment. The GLB feature provides for a minimum guarantee
under specified conditions for any of the following: (1)
periodic withdrawals; (2) the annuitization amount and
related annual income amount; or (3) the account value
after a specified period of time.
Citation to Published Notices: Notice
of this rule was published on October 29, 2009.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Friday,
December 4, 2009 at 12:30 pm PT at the Hilton San Francisco
Union Square, 333 O'Farrell Street, San Francisco, CA 94102
- Meeting Room: Grand Salon A - Grand Ballroom Level
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 December 28, 2009. Written requests
for a public hearing must be received no later than November
18, 2009.
Date Approved by Management Committee: February
22, 2010
Date Adopted by Commission: February
22, 2010
Effective Date of Rule: June 3, 2010
Link to Comments submitted by members and the
public:
Comments
from Birny Birnbaum submitted 10/23/09
Comments from LISA submitted during 10/13/09 Product Standards
Committee Conference Call
Comments
from LISA submitted during 10/26/09 Management Committee
Conference Call
Comments
from the ACLI submitted during 10/13/09 Product Standards
Committee Conference Call
Comments
from LISA submitted 12/02/09
Comments
from Brad Harker (PA), Chair of the NAIC NSWG Annuity Subgroup,
submitted 12/03/09
Comments
from State Representative Robert R. Damron (KY), IIPRC
Legislative Committee Chair, submitted 12/04/2009
Summary
of Industry Advisory Comments from 12/4 Public Hearing
Comment
from Bruce Ramge, Deputy Director, Nebraska Department
of Insurance
Comments
from Industry Advisory Committee submitted 1/05/2010
Comments
from American Academy of Actuaries submitted 01/06/10
Comments
from Life Insurance Settlement Association submitted 2/5/2010 |
Subject Matter of Proposed Rule: The
Additional Standards for Guaranteed Living Benefits for
Individual Deferred Variable Annuities (the “Proposed
Standards”) apply to guaranteed minimum death benefits
(GMDB) that are built into individual deferred variable
annuity contracts or added to such contracts by rider,
endorsement or amendment. The GMDB feature provides for
a minimum guarantee under specified conditions for the
contract death benefit.
Citation to Published Notices: Notice
of this rule was published on October 29, 2009.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Friday,
December 4, 2009 at 12:30 pm PT at the Hilton San Francisco
Union Square, 333 O'Farrell Street, San Francisco, CA 94102
- Meeting Room: Grand Salon A - Grand Ballroom Level
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 December 28, 2009. Written requests
for a public hearing must be received no later than November
18, 2009.
Date Approved by Management Committee: February
22, 2010
Date Adopted by Commission: February
22, 2010
Effective Date of Rule: June 3, 2010
Link to Comments submitted by members and the
public:
Comments
from Birny Birnbaum submitted 10/23/09
Comments from LISA submitted during 10/13/09 Product Standards
Committee Conference Call
Comments
from LISA submitted during 10/26/09 Management Committee
Conference Call
Comments
from the ACLI submitted during 10/13/09 Product Standards
Committee Conference Call
Comments
from LISA submitted 12/02/09
Comments
from Brad Harker (PA), Chair of the NAIC NSWG Annuity Subgroup,
submitted 12/03/09
Comments
from State Representative Robert R. Damron (KY), IIPRC
Legislative Committee Chair, submitted 12/04/2009
Summary
of Industry Advisory Comments from 12/4 Public Hearing
Comment
from Bruce Ramge, Deputy Director, Nebraska Department
of Insurance
Comments
from Industry Advisory Committee submitted 1/05/2010
Comments
from American Academy of Actuaries submitted 01/06/10
Comments
from Life Insurance Settlement Association submitted 2/5/2010
|
INDIVIDUAL NON-VARIABLE ANNUITY PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of Proposed Rule: The
Standards For Individual Deferred Non-Variable Annuity
Contracts (the “Proposed Standards”) specify
submission requirements, form requirements and contract
provisions for individual deferred non-variable annuity
contracts; applying to annuity contracts contract that
provide 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
all funds to be held in the general account.
Citation to Published Notices: Notice
of this Rule was published on December 12, 2007.
Version
Noticed Out for 60-day Public Comment
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. This rule was recommended by the Product
Standards Committee on February 25, 2008 to
return to the Product Standards Committee for further discussion
regarding the non-forfeiture value prospective test. The
Management Committee approved the recommendation. A conference
call with the Product Standards Committee has been scheduled
for March 14, 2008 (please see Event
Calendar) for further discussion.
Date Approved by Management Committee: April
28, 2008
Date Adopted by Commission: May 30, 2008
Individual
Deferred Non-Variable Annuity Contract Standards adopted
on May 30, 2008
Effective Date of Rule: September 11, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Industry
Comments Inserted and Redlined
Alaska
Comments
Amended
Standards to reflect Alaska
Industry
Advisory Comments regarding Amended version
Comments
from Utah
This rule has been amended.
Date Amendment Approved by Management Committee:
October 27, 2008
Date Amendment Adopted by Commission: October
29, 2008
Effective Date of Amendment to Rule: February
12, 2009
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendments
to Individual Deferred Non-Variable Annuity
Contract Standards
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Individual Deferred
Non-Variable Annuity Contract Standards. The amendments
are to the Scope section, the Contract Guarantees and the
Guidelines for Appendices a-1 and A-2 for Annuity Nonforfeiture
Minimum Value Compliance for use with Individual Flexible
Premium Deferred Non-Variable Annuity products filed with
the Interstate Insurance Product Regulation Commission.
Citation to Published Notices: Notice
of this Rule was published on August 27, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: October
27, 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 October 26, 2008. Written requests
for a public hearing must be received no later than September
16, 2008.
Link to Comments submitted by members and the
public:
|
Subject Matter of Proposed Rule: The
Standards For Individual Immediate Non-Variable Annuity
Contract (the “Proposed Standards”) specify
submission requirements, form requirements and contract
provisions for individual life contingent immediate non-variable
annuity, both with or without a period certain, that provide
for a single premium payment, modified single premium or
flexible premium payments and that provide for all funds
to be held in the general account.
Citation to Published Notices: Notice
of this Rule was published on February 27, 2008.
Version
Noticed Out for 60 Day Public Comment
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Vice Chair, Ohio
Date and Location of Public Hearing, if any: April
28, 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 April 27, 2008.
Written requests for a public hearing must be received
no later than March 18, 2008.
Date Approved by Management Committee: April
28, 2008
Date Adopted by Commission: May 30, 2008
Effective Date of Rule: September 11, 2008
Version
Adopted by Commission on May 30, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
This rule has been amended.
Information Regarding the Amendment to the Standards:
Date Amendments Approved by Management Committee: June
12, 2009
Date Amendments Adopted by Commission: June
12, 2009
Effective Date of Amendments to the Rule: September
27, 2009
Name of Proposed Rule: Amendment
To Individual Immediate Non-Variable Annuity Contract
Standards
Subject Matter of Proposed Rule: The
purpose of this rule is to amend the Individual Immediate
Non-Variable Annuity Contract Standards. The amendments
are to address the funding of structured settlements by
means of Individual Immediate Non-Variable Annuity products
filed with the Interstate Insurance Product Regulation
Commission.
Citation to Published Notices: Notice
of this rule was published on March 24, 2009.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any: June
12, 2009 in Minneapolis, MN
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 May 24, 2009. Written requests for
a public hearing must be received no later than April
14, 2009.
Link to Comments submitted by members and the
public: |
Subject Matter of Proposed Rule: The
Standards For Index-Linked Crediting Feature for Deferred
Non-Variable Annuities (the “Proposed Standards”)
specify additional submission requirements concerning the
calculation of the nonforfeiture values; applying to benefits
that are built-in to deferred non-variable annuity contract
forms or added to such policy forms by rider, amendment
or endorsement.
Citation to Published Notices: Notice
of this Rule was published on February 15, 2008.
Version
Noticed Out for 60-day Public Comment
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Vice Chair, Ohio
Date and Location of Public Hearing, if any: April
28, 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 April 15, 2008. Written requests
for a public hearing must be received no later than March
6, 2008.
Date Approved by Management Committee: April
28, 2008
Date Adopted by Commission: May 30, 2008
Effective Date of Rule: September 11, 2008
Link to Comments submitted by members and the
public:
Industry
Advisory comments on Index-Linked Crediting Feature for
Deferred Non-Variable Annuities
Industry
Advisory Committee Redlined Version of the Index-Linked
Crediting Feature for Deferred Non-Variable Annuities |
Subject Matter of Proposed Rule: The
Index-Linked Payment Adjustment Benefit Standards (the "Proposed
Standards) apply to index-linked annuity payment adjustment
benefits that are built-in to individual immediate non-variable
annuity contracts or are added to such contracts at issue
by rider, amendment or endorsement. These standards apply
to any adjustments to annuity payments that are triggered
by a change in an index one or more times during the life
of the contract; applying to adjustments that are either
built into the contract or added by rider, endorsement
or amendment.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Commissioner
Glen Wilson
Date and Location of Public Hearing, if any: August
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 August 5, 2008. Written requests
for a public hearing must be received no later than June
26, 2008.
Date Approved by Management Committee: Monday,
August 25, 2008
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: December 14, 2008
Link to Comments submitted by members and the
public: |
Subject Matter of Proposed Rule: The
Additional Standards for Bonus Benefits (for Individual
Deferred Non-Variable Annuity Standards) (the “Proposed
Standards) apply to bonus benefit which can be interest
bonus, a premium bonus, a persistency bonus or any other
amounts/percentages that are credited to the premiums paid,
account value, cash value, cash surrender value or annuity/maturity
value under a specified condition, other than benefits
of the type described above that are provided through any
pattern of non-level interest rate guarantees that may
be similar to but are not specifically referred to as bonuses
or additional credits; applying to provisions that are
either built into the annuity contract or added to such
contract by rider, endorsement or amendment.
Citation to Published Notices: Notice
of this Rule was published on August 27, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any:
October 27, 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 October 26, 2008. Written requests
for a public hearing must be received no later than September
16, 2008.
Date Approved by Management Committee: October
27, 2008
Date Adopted by Commission: October 29, 2008
Effective Date of Rule: February 12, 2009
Link to Comments submitted by members and the
public: |
Subject Matter of Proposed Rule: The
Additional Standards for Guaranteed Living Benefits for
Individual Deferred Non-Variable Annuities (the “Proposed
Standards”) apply to guaranteed living benefits (GLB)
that are built into individual deferred non-variable annuity
contracts (including index-linked annuities) or added to
such contracts by rider, endorsement or amendment. The
GLB feature provides for a minimum guarantee under specified
conditions for any of the following: (1) periodic withdrawals;
(2) the annuitization amount and related annual income
amount; or (3) the account value after a specified period
of time.
Citation to Published Notices: Notice
of this rule was published on October 29, 2009.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Friday,
December 4, 2009 at 12:30 pm PT at the Hilton San Francisco
Union Square, 333 O'Farrell Street, San Francisco, CA 94102
- Meeting Room: Grand Salon A - Grand Ballroom Level
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 December 28, 2009. Written requests for
a public hearing must be received no later than November
18, 2009.
Date Approved by Management Committee: February
22, 2010
Date Adopted by Commission: February
22, 2010
Effective Date of Rule: June 3, 2010
Link to Comments submitted by members and the
public:
Comments
from Birny Birnbaum submitted 10/23/09
Comments from LISA submitted during 10/13/09 Product Standards
Committee Conference Call
Comments
from LISA submitted during 10/26/09 Management Committee
Conference Call
Comments
from the ACLI submitted during 10/13/09 Product Standards
Committee Conference Call
Comments
from LISA submitted 12/02/09
Comments
from Brad Harker (PA), Chair of the NAIC NSWG Annuity Subgroup,
submitted 12/03/09
Comments
from State Representative Robert R. Damron (KY), IIPRC
Legislative Committee Chair, submitted 12/04/2009
Summary
of Industry Advisory Comments from 12/4 Public Hearing
Comment
from Bruce Ramge, Deputy Director, Nebraska Department
of Insurance
Comments
from Industry Advisory Committee submitted 01/05/2010
Comments
from American Academy of Actuaries submitted 01/06/10
Comments
from Life Insurance Settlement Association submitted 2/5/2010 |
STANDARDS FOR INDIVIDUAL ANNUITY BENEFIT FEATURES
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of Proposed Rule: The
Standards for Forms Used to Provide Tax Qualified Plan
Provisions for Individual Annuity Contracts (the "Proposed
Standards) apply to provisions that are required in individual
annuity contracts to comply with specified tax code requirements
applicable to such contracts when they are intended to
be issued as tax qualified plans; applying to provisions
that are either built into the annuity contract or added
to such contract by rider, endorsement or amendment.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Commissioner
Glen Wilson
Date and Location of Public Hearing, if any: August
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 August 5, 2008. Written requests
for a public hearing must be received no later than June
26, 2008.
Date Approved by Management Committee: Monday,
August 25, 2008
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: November 25, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee |
Subject Matter of Proposed Rule: The
Additional Standards for Waiver of Surrender Charge Benefits
(the "Proposed Standards") apply to waiver of
surrender charge benefits built into individual deferred
variable and non-variable annuity contracts or added to
such contracts by rider, endorsement or amendment. The
waiver benefits are triggered by a qualifying event associated
with either the annuitant or owner, as specified in the
contract or waiver benefit form.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2007.
Name of persons requesting Public Hearing : Commissioner
Glen Wilson
Date and Location of Public Hearing, if any: August
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 August 5, 2008 . Written requests
for a public hearing must be received no later than June
26, 2008 .
Date Approved by Management Committee: Monday,
August 25, 2008
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: December 14, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee |
Subject Matter of Proposed Rule: The
Standards for Riders, Endorsements or Amendments Used to
Effect Individual Annuity Contract Changes (the "Proposed
Standards") apply to riders, endorsements or amendments
that are used to effect contract changes that have been
requested for an individual annuity contract by the owner
and not to forms used to provide tax qualified plan provisions,
as separate standards apply to these forms. Contract change
forms may be attached to the individual annuity contract
on the contract date of issue or after the contract date
of issue.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Commissioner
Glen Wilson
Date and Location of Public Hearing, if any: August
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 August 5, 2008. Written requests
for a public hearing must be received no later than June
26, 2008.
Date Approved by Management Committee: Monday,
August 25, 2008
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: December 14, 2008
Link to Comments submitted by members and the
public: |
Subject Matter of Proposed Rule: The
Additional Standards for Bonus Benefits for Individual
Deferred Variable Annuity Standards (the "Proposed
Standards) apply to bonus benefits built into the annuity
contract or added to such contract by rider, endorsement
or amendment, which can be interest bonus, a premium bonus,
a persistency bonus or any other amounts/percentages that
are credited to the premiums paid, account value, cash
value, cash surrender value or annuity/maturity value under
a specified condition, other than benefits of the type
described above that are provided through any pattern of
non-level interest rate guarantees that may be similar
to but are not specifically referred to as bonuses or additional
credits.
Citation to Published Notices: Notice
of this rule was published on December 12, 2008.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson
Date and Location of Public Hearing, if any: Monday,
February 23, 2009 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, 2009. Written requests
for a public hearing must be received no later than January
1, 2009.
Date Approved by Management Committee: Monday,
February 23, 2009
Date Adopted by Commission: Saturday,
March 14, 2009
Effective Date of Rule: June 25, 2009
Link to Comments submitted by members and the
public:
Industry
Advisory Comments
Standards
with IAC Comments Incorporated
|
Subject Matter of Proposed Rule: The
Additional Standards for Market Value Adjustment Feature
Provided through a Separate Account (the “Proposed
Standards) apply to market value adjustment (MVA) features
that are built into individual deferred non-variable
annuity contracts and the non-variable portions of individual
deferred variable annuities (including index-linked annuities)
or added to such contracts by rider, endorsement or amendment;
and are also known as Modified Guaranteed Annuity (MGA).
The MVA feature of an MGA is a positive or negative adjustment
that may apply to the account value/cash value of the annuity
upon withdrawal, surrender, or annuitization, based upon
the movement of an index or the company’s current
guaranteed interest rate being offered on new premium (or
new rates for renewal periods for CD annuities), if that
withdrawal, surrender, or annuitization occurs at a time
other than on a specified guaranteed benefit date.
Citation to Published Notices: Notice
of this rule was published on February 26, 2009
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: via
teleconference, April 27, 2009
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 April 27, 2009. Written requests
for a public hearing must be received no later than March
18, 2009.
Date Approved by Management Committee: April
27, 2009
Date Adopted by Commission: April
30, 2009
Effective Date of Rule: August 17, 2009
Link to Comments submitted by members and the
public:
Industry
Advisory Committee Comments |
Subject Matter
of Proposed Rule: The Additional Standards for
Market Value Adjustment Feature Provided Solely through
the General Account (the “Proposed Standards) apply
to market value adjustment (MVA) features that are built
into individual deferred non-variable annuities (including
index-linked annuities) or added to such contract by
rider, endorsement or amendment. The MVA is a positive
or negative adjustment that may apply to the account
value/cash value of the annuity upon withdrawal, surrender,
or annuitization, based upon the movement of an index
or the company’s current guaranteed interest rate
being offered on new premium (or new rates for renewal
periods for CD annuities), if that withdrawal, surrender,
or annuitization occurs at a time other than on a specified
guaranteed benefit date.
Citation to Published Notices: Notice
of this rule was published on February 26, 2009
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: via
teleconference, April 27, 2009
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 April 27, 2009. Written requests
for a public hearing must be received no later than March
18, 2009.
Date Approved by Management Committee: April
27, 2009
Date Adopted by Commission: April
30, 2009
Effective Date of Rule: August 17, 2009
Original Version: Additional
Standards for Market Value Adjustment Feature Provided
Through the General Account
This rule has been amended.
Date Amendment Approved by Management Committee:
March 25, 2010
Date Amendment Adopted by Commission: March 25,
2010
Effective Date of Amendment to Rule: June 18,
2010
Information Regarding the Amendment to the Standards:
Name of Proposed Rule: Amendment
to Remove Drafting Note in Additional Standards for
Market Value Adjustment Feature Provided through the
General Account
Subject Matter of Proposed Rule: The
Amendment to Remove Drafting Note in Additional Standards
for Market Value Adjustment Feature Provided through the
General Account (“Proposed Amendment”) applies
to remove the drafting note in Appendix B of the existing
standards, in order to clarify that the prospective test
in the Standard Nonforfeiture Law for Individual Deferred
Annuities, NAIC Model #805, does not apply to the benefits
provided through these standards.
Citation to Published Notices: Notice
of this rule was published on January 22, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 1:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room
to be determined.
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 March 23, 2010. Written requests
for a public hearing must be received no later than February
11, 2010.
|
NON-APPENDIX A LIFE STANDARDS
Note that these standards are not eligible for the Mix
and Match process as outlined in the Operating Procedure for the
Filing and Approval of Product Filings.
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Subject Matter of Proposed Rule: The
Standards For Mortality Table Change (the “Proposed
Standards”) specify submission requirements, form
requirements and policy provisions for the filing of replacement
pages for individual life insurance forms whose sole purpose
is to effectuate a change of a mortality table approved
by the NAIC for nonforfeiture purposes. If there are any
other changes in addition to the mortality table, the entire
form must be submitted for approval.
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
Date Adopted by Commission: March 28, 2008
Effective Date of Rule: July
7, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee
Memo
from Product Standards Committee Regarding Industry Advisory
Committee Comments
Additional
Industry Advisory Comments |
INDIVIDUAL LONG-TERM CARE INSURANCE PRODUCT LINE
| Citation Number |
Name of Standard/Procedure |
Effective Date |
Name of Proposed
Rule: Core
Standards for Individual Long-Term Care Insurance Policies
Subject Matter of Proposed Rule: The Core
Standards for Individual Long-Term Care Insurance Policies (the “Proposed
Standards”) apply to individual long-term care
insurance. Any product advertised, marketed
or offered as long-term care insurance shall be subject
to these standards. Long-term care insurance shall
provide benefits for one or more of the following:
nursing home care, assisted living care or home health
care and adult day care. Only those policies, riders,
endorsements or amendments that provide all such benefits
may be titled “long-term care insurance” without
further clarification. Policies, riders, endorsements
or amendments that provide less than all such benefits
shall be titled appropriately to indicate to the owner
the types of coverages available under the policy,
and may be filed and approved under these standards.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Date Approved by Management Committee:
Date Adopted by Commission:
Effective Date of Rule:
Link to Previous Versions of Core Standards for Individual Long-Term Care Insurance Policies:
Memos from Product Standards Committee before recommendation:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Individual
Long-Term Care Insurance Standards for the Outline of
Coverage
Subject Matter of Proposed Rule: The Individual
Long-Term Care Insurance Standards for the Outline
of Coverage (the "Proposed Standards")
apply to the long-term care insurance outline of coverage
required by Section 1A(1)(b) of the Core Standards
for Individual Long-Term Care Insurance Policies.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Individual Long-Term Care Insurance Standards for the Outline of Coverage:
Memos from Product Standards Committee before recommendation:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Rate
Filing Standards for Individual Long-Term Care Insurance—Issue
Age Rate Schedules Only
Subject Matter of Proposed Rule: The Rate
Filing Standards for Individual-Long Term Care Insurance—Issue
Age Rate Schedules Only (the “Proposed
Standards”) apply to initial rate schedules for
individual long-term care insurance where premiums
are based on issue age and are not expected to change
during the premium-paying period due to attained age
or duration since issue. The Proposed Standards
also apply to subsequent filings to increase premium
rate schedules for individual long-term care insurance
with issue age rate schedules.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Rate Filing Standards for Individual Long-Term Care Insurance—Issue Age Rate Schedules Only:
Memos from Product Standards Committee before Recommendation:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Rate
Filing Standards for Individual Long-Term Care Insurance—Modified
Rate Schedules
Subject Matter of Proposed Rule: The Rate
Filing Standards for Individual Long-Term Care Insurance—Modified
Rate Schedules (the “Proposed Standards”)
apply to initial rate schedules where premiums are
based on issue age and where premiums are scheduled
to increase during the premium-paying period according
to a specified pattern due to attained age or duration
since issue. The Proposed Standards also establish
standards for subsequent filings to increase premium
rate schedules for individual long-term care insurance
with modified rate schedules.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Rate Filing Standards for Individual Long-Term Care Insurance—Modified Rate Schedules:
Memos from Product Standards Committee before Recommendation:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Standards
for Individual Long-Term Care Insurance Advertising Material
Subject Matter of Proposed Rule: The Standards
for Individual Long-Term Care Insurance Advertising
Material (the “Proposed Standards”)
apply to all individual long-term care insurance advertisements
and advertising material for use with individual long-term
care insurance forms filed with and approved by the
Interstate Insurance Product Regulation Commission.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Standards for Individual Long-Term Care Insurance Advertising Material:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Standards
for Long-Term Care Insurance Benefit Features
Subject Matter of Proposed Rule: The Standards
for Long-Term Care Insurance Benefit Features (the “Proposed
Standards”) apply to forms that include long-term
care insurance benefit features as part of individual
long-term care insurance plan. As used in these standards,
the term “form” shall mean: (1) Long-term
care insurance benefit features that are built into
an individual long-term care, life or disability insurance
policy, or an individual annuity contract; or (2) Long-term
care insurance benefit features that are added by rider,
endorsement or amendment to an individual long-term
care, life or disability insurance policy, or an individual
annuity contract. Regardless of how issued, the long-term
care insurance benefit features that are included as
part of the individual long-term care insurance plan
shall be subject to the requirements specified in these
standards. For non-long-term care insurance policies
that include long-term care insurance benefit features,
these standards shall only apply to the long-term care
benefit features.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Standards for Long-Term Benefit Features:
Link to Comments submitted by members and the
public:
|
Name of Proposed
Rule: Standards
for Riders, Endorsements or Amendments Used to Effect
Individual Long-Term Care Insurance Policy Changes
Subject Matter of Proposed Rule:The Standards
for Riders, Endorsements or Amendments Used to Effect
Individual Long-Term Care Insurance Policy Changes (the "Proposed
Standards") apply to riders, endorsements or amendments
that are used to effect policy changes that have been
requested for an individual long-term care insurance
policy by the owner. Such policy change forms may be
attached to the individual long-term care insurance
policy on the policy date of issue or after the policy
date of issue.
Citation to Published Notices: Notice
of this rule was published on January 21, 2010.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Ohio
Date and Location of Public Hearing, if any: Thursday,
March 25, 2010 at 3:00 p.m. MT at the Hyatt Regency and
Colorado Convention Center, Denver Colorado, Meeting Room:
Centennial D - 3rd Level.
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 March 22, 2010. Written requests
for a public hearing must be received no later than February
10, 2010.
Date Approved by Management Committee: August 13, 2010
Date Adopted by Commission: August 13, 2010
Effective Date of Rule: December 1, 2010
Link to Previous Versions of Standards for Riders, Endorsements or Amendments Used to Effect Individual Long-Term Care Insurance Policy Changes:
Link to Comments submitted by members and the
public:
|
| Name of Standard/Procedure |
Effective Date |
Subject Matter of Rule: The
Rulemaking Rule of the Interstate Insurance Product Regulation
Commission applies to the development of all Operating
Procedures and Rules as defined in the Compact.
Citation to Published Notices:
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any:
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this new operating procedure
until September 1, 2006. A public
hearing to receive comments is scheduled for September
12, 2007. This rule was considered at a Commission
meeting via conference call scheduled for September
27, 2006.
Date Approved by Management Committee: September
5, 2006
Date Adopted by Commission: September
27, 2006
Effective Date of Rule: November
11, 2006
Link to Comments submitted by members and the
public:
This rule has been amended.
Date Amendment Approved by Management Committee:
June 23, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: October 12,
2008
Information Regarding the Amendment:
Name of Proposed Rule: Amendment
to Section 115 of the Rule for Adoption, Amendment and
Repeal of Rule for the Interstate Insurance Product Regulation
Commission
Subject Matter of Rule: This Amendment
to Section 115 of the Rule for Adoption, Amendment and
Repeal of Rule for the Interstate Insurance Product Regulation
Commission resolves an inconsistency between Section 115,
which states that a uniform standard becomes effective
90 days after its adoption, and Article VII of the Compact
Statute, which provides that a uniform standard becomes
effective 90 days after promulgation. The amendment clarifies
that the key date is the date of publication, which shall
occur no earlier than ten (10) business days following
adoption.
Citation to Published Notices: Notice
of this Rule was published on March 28, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted |
This Rule was amended. The sections
that were amended are Section 103(c), 104, 104(b)2, 105(a),
and 107(c) and (f).
Date Amendment Approved by Management Committee:
September 21, 2008 (Explanatory
Statement)
Date Amendment Adopted by Commission: September
21, 2008
Effective Date of Amendment to Rule: November
5, 2008
Information Regarding the Amendment:
Name of Proposed Rule: Amendment
to the Rule for Establishment of Conditions and Procedures
for Public Inspection and Copying of Information and
Official Records of the Interstate Insurance Product
Regulation Commission
Subject Matter of Proposed Rule: The
Amendment to the Rule for Establishment of Conditions and
Procedures for Public Inspection and Copying of Information
and Official Records of the Interstate Insurance Product
Regulation Commission (the "Proposed Rule") establishes
procedures to delete the exemption and allow the public
to access pending, disapproved or withdrawn filings; and
allows requests for access to Commission records to be
delivered by electronic mail. The amendment also corrects
internal references.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any:
September 21, 2008
Status of Proposed Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment.
Written comments will be accepted on this proposed new
operating procedure until August 28 , 2008.
Written requests for a public hearing must be received
no later than June 26, 2008.
During the 7/28 Management Committee meeting, the comment
deadline was extended; this period expired on August 28,
2008.
Link to Comments submitted by
members and the public:
Proposed
Additional Amendment by Vermont
Memo
Regarding Proposed Additional Amendment by Vermont
Comments
from the Industry Advisory Committee regarding the Public
Access Amendments
Comments
received from Nationwide regarding Public Access Rule
Comments
from the Center for Economic Justice |
Subject Matter of Rule: The
Operating Procedure for Resolution of Disputes between
States establishes guidelines for resolving disputes among
Compacting States and disputes between one or more Compacting
States and a Non-compacting State. The first step
for any dispute requires a good faith meeting among the
disputing parties in the attempt to resolve the issue. If
after this meeting a dispute involving only Compacting
States remains unresolved it must be submitted to mediation
pursuant to this operating procedure before resort is had
to other possible remedies.
Citation
to Published Notices: Notice
of this Rule was published on November 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if
any: February 23, 2007, 12:30 CT/1:30 ET via conference
call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this proposed new operating
procedure until January 23, 2007. Written
requests for a public hearing must be received no later
than December 12, 2006.A public hearing to receive
comments is scheduled for February 23, 2007.
This proposed rule may be considered at a Management Committee
meeting via conference call scheduled for February
26, 2007 and a Commission meeting via conference
call scheduled for February 28, 2007.
No further action is necessary on this Proposed Rule.
Date Approved by Management Committee:
February 26, 2007 (Explanatory
Statement)
Date Adopted by Commission: February 28,
2007
Effective
Date of Rule: April 16, 2007
Link to Comments submitted by members
and the public: No written comments received. |
Subject Matter of
Rule: The Operating Procedure for Notice and
Hearing establishes notice and hearing guidelines and
requirements for (1) adjudication of a request by a member
of the Commission for a determination that the content
of a product or advertisement that is approved by the
Commission constitutes a violation of the provisions
of, standards, or requirements of the Compact; (2) adjudication
with respect to a disapproved product filing or advertisement,
or with respect to the withdrawal or modification
of a previously approved filing; and (3) adjudication
on the determination by the Commission that a compacting
state is in default. The proposed procedure presumes
that an informal procedure will be used to decide product
disapproval questions, and such a “summary judgment” process
is available for deciding any dispute in which there
is no disputed issue of material fact. However,
a more formal and traditional hearing process is also
provided for in the proposed procedure.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if
any: February 23, 2007, 12:30 CT/1:30 ET via conference
call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this proposed new operating
procedure until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28,
2007
Effective Date of Rule: April 16, 2007
Link to Comments submitted by members
and the public: No written comments received. |
Subject Matter of Rule: The
Operating Procedure for the Implementation of Uniform Product
Standards establishes guidelines that are to be observed
as the Commission and the Management Committee implement
Uniform Product Standards. It provides guidance in
regard to the elements and content of notice that is required
when the Commission adopts a Uniform Standard and the date
the Uniform Standard is effective after adoption. It
clarifies and restates the exceptions stated in the Compact
and judicial procedure that would impact the binding effect
of a Uniform Standard on a Compacting State. The proposed
operating procedure also provides guidance on the notice
required when one of exceptions to the binding effect of
a Uniform Standard occurs in a Compacting State.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this proposed new operating
procedure until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This proposed rule may be considered at
a Management Committee meeting via conference call scheduled
for February 26, 2007 and a Commission
meeting via conference call scheduled for February
28, 2007. No further action is necessary on this
Proposed Rule.
Date Approved by Management Committee: February 26,
2007 (Explanatory
Statement)
Date Adopted by Commission: February 28, 2007
Effective Date of Rule: April 16, 2007
Link to Comments submitted by members and the public:
No written comments received. |
Subject Matter of
Rule: The Operating Procedure for the Filing
and Approval of Product Filings applies to all insurance
products under the Commission's jurisdiction, to initial
rate filings for disability and long-term care products,
and to advertising subject to Commission review and approval. All
product filings submitted to the Commission shall be
filed electronically through SERFF. A product filing
must include all applicable Commission and state filing
fees and SERFF transaction fees. In general, the
Commission's review of product filings will be completed
within sixty days. This time period will be extended
during any period that the filing insurer is preparing
a response to any objections by the Commission to the
product filing. This time period may be extended
by thirty days in the Commission's discretion, by a time
period agreed to by the insurer and the Commission, or
by a time period determined by the Management Committee
if the Commission cannot complete review during the sixty-day
period due to the volume of pending filings.
Citation to Published Notices: Notice of this Rule
was published on December 22, 2006.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any: February
23, 2007, 12:30 CT/1:30 ET via conference call
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment. Written
comments will be accepted on this new operating procedure
until February 20, 2007. Written
requests for a public hearing must be received no later
than January 11, 2007.A public hearing
to receive comments is scheduled for February 23,
2007. This rule may be considered at a Management
Committee meeting via conference call scheduled for February
26, 2007 and a Commission meeting via conference
call scheduled for February 28, 2007.
The Management Committee approved this operating procedure
as amended on April 23, 2007. The approved
operating procedure will go to the full Commission for
adoption on May 25, 2007. For further
information please consult the Event
Calendar.
Date Approved by Management Committee: April 23, 2007
Date Adopted by Commission: June 1, 2007
Effective Date of Rule: June 1, 2007
Link to Comments submitted by members and the public:
Vermont's
Comments
Industry
Advisory Committee's Comments
Ohio
and Vermont's Comments mix and match
LISA
- Life Insurance Settlement Association Comments
Ohio
and Vermont's revision of "Mix and Match"
Memo
re: Ohio, Pennsylvania, Vermont, Washington Proposed Amendments
Product
Filing Rule Changes (Ohio, Pennsylvania, Vermont and Washington)
Information regarding the development of Appendix
A:
Date and Location of Public Hearing, if any: November
19, via conference call
Date Approved by Management Committee: December
1, 2007
Date Adopted by Commission: December 1, 2007
Effective Date of Appendix: December 1, 2007
Link to Comments submitted by members and public:
Industry
Advisory Committee Comments Part 1
Industry
Advisory Committee Comments Part 2
Additional
Comments from the Industry Advisory Committee
This rule has been amended.
Date Amendment Approved by Management Committee:
June 23, 2008
Date Amendment Adopted by Commission: August 27,
2008
Effective Date of Amendment to Rule: October 11,
2008
Information Regarding the Amendment:
Name of Proposed Rule: Amendment of
Appendix A to the Operating Procedure for the Filing
and Approval of Product Filings
Subject Matter of Rule: The purpose
of this rule is to amend Appendix A of the Operating Procedure
for the Filing and Approval of Product Filings (the “Product
Filing Rule”). The amendment would add two
additional uniform standards to the list of products eligible
for combination with a State Product Component under the
framework established in § 110 of the Product
Filing Rule. The additional products, which are Standards
for Forms Used to Exclude Policy Coverage Based on the
Underwriting Process and Standards for Riders, Endorsements
or Amendments Used to Effect Individual Life Insurance
Policy Changes, would fall into the Individual and the
Group Life Benefit Features product lines.
Citation to Published Notices: Notice
of this Rule was published on May 1, 2008.
Link to Comments submitted by members and the
public: No Comments Submitted
This rule has been amended.
Date Amendment Approved by Management Committee:
July 27, 2009
Date Amendment Adopted by Commission: July 27,
2009
Effective Date of Amendment to Rule: July 27,
2009
Information Regarding the Amendment
Name of Proposed Rule: Amendments
to the Operating Procedure for the Filing and Approval
of Product Filings
Subject Matter of Proposed Rule: The
amendments to the Operating Procedure for the Filing and
Approval of Product Filings (the “Proposed Rule”)
modify Section 110 of the Operating Procedure; and eliminate
any reference to the two year deadline for the ability
of companies to mix and match state-approved components
with Compact-approved components.
Citation to Published Notices: Notice
of this rule was published on May 5, 2009
Date and Location of Public Hearing, if any: June
12, 2009 in Minneapolis, MN
Status of Proposed Rule (including upcoming meetings): The
Operating Procedure has been issued for notice and comment.
Written comments will be accepted on the Proposed Standards
until July 6, 2009. Written requests for
a public hearing must be received no later than May
25, 2009.
The Management Committee has requested that comments regarding
Appendix A be submitted in addition to any possible comments
regarding the amendments to Section 110.
Link to Comments submitted by members and the
public:
Comments
from Brendan Bridgeland, Consumer Advisory Committee Member
Comments
from the Industry Advisory Committee
Industry
Advisory Committee Comments re: Appendix A |
Subject Matter of Rule: The
Operating Procedure for Submission of Requests by the Consumer
Advisory Committee for Financial Assistance and Consideration
and Approval of Requests by the Commission establishes
procedures through which the consumer advisory committee
may submit and the Commission may consider requests for
financial assistance to members of the consumer advisory
committee in order to enable effective participation by
that committee in the Commission’s affairs, as may
be appropriate.
Citation
to Published Notices: Notice
of this Rule was published on March 15, 2007.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any:
May 16, 2007, 1:00 pm ET/ 12:00 pm CT via teleconference
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment.
Written comments will be accepted on this proposed new
operating procedure until May 14, 2007.
Written requests for a public hearing must be received
no later than April 4, 2007.
Date Approved by Management Committee: June 1,
2007
Date Adopted by Commission: June 1, 2007
Effective Date of Rule: July 16, 2007
Link to Comments submitted by members and the
public:
VT
Comments |
Subject Matter of Rule: The
Interstate Insurance Product Regulation Commission Terms
and Procedures for IIPRC Filing Fees establishes procedures
through the IIPRC fee terms and process for collecting
IIPRC fees sufficient to cover the cost of operations and
the annual budget of the IIPRC.
Citation
to Published Notices: Notice
of this Rule was published on May 30, 2007.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any:
May 16, 2007, 1:00 pm ET/ 12:00 pm CT via teleconference
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment.
Written comments will be accepted on this proposed new
operating procedure until July 31, 2007.
Written requests for a public hearing must be received
no later than June 21, 2007.
Date Approved by Management Committee: August
27, 2007
Date Adopted by Commission: September
7, 2007 via Electronic Vote
Effective Date of Rule: September 10, 2007
Link to Comments submitted by members and the
public:
Industry
Advisory Committee Comments
This rule has been amended.
Date Amendment Approved by Management Committee:
April 27,2009
Date Amendment Adopted by Commission: April 30,
2009
Effective Date of Amendment to Rule: April 30,
2009
Information Regarding the Amendment:
Name of Proposed Rule: Amendment
to IIPRC Terms and Procedures for IIPRC Filing Fees
Subject Matter of Rule: The proposed
amendments will create an amended filing fee as well as
filing fees for a Regional Filer. Regional filers
are defined as companies who file in five or less states
on an annual basis. The amendments propose a reduced
fee for the Annual Registration Fee of $2500 until July
1 and then $1250 thereafter. The per product filing
fees would be reduced to $250 per filing. The proposed
amendments for the amended filing fee apply to filings
that are amended within 60 days of approval. Amendments
that are to correct typographical errors; update the Statement
of Intent and Certification; or add a state to a filing
are exempt from the amended filing fees.
Link to Comments submitted by members and the
public: No Comments Submitted |
Subject Matter of Rule: The
Rule for the Adoption of Conforming Amendments To A Uniform
Standard establishes the procedures for a Conforming Amendment
to a Uniform Standard. It outlines the role of the
Product Standards Committee in submitting any proposal
for a Conforming Amendment to the Management Committee,
in writing. Citation
to Published Notices: Notice
of this Rule was published on July 25, 2007.
Name of persons requesting Public Hearing :
Date and Location of Public Hearing, if any:
September 27, 2007 , Marriott Wardman Park Hotel, 2600
Woodley Road NW, Washington DC – Marriott Ballroom,
Salon 1 – Lobby Level
Status of Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment.
Written comments will be accepted on this proposed new
operating procedure until September 23, 2007. Written requests
for a public hearing must be received no later than August
14, 2007. A public hearing to receive comments is scheduled
for September 27, 2007. This proposed
rule may be considered at a Management Committee meeting
scheduled for September 27, 2007 and a
Commission meeting scheduled for September 28,
2007. No further action is necessary on this Rule.
Date Approved by Management Committee: September
27, 2007 (Explanatory Statement)
Date Adopted by Commission: September 28, 2007
Effective Date of Rule: November 12, 2007
Link to Comments submitted by members and the
public:
No written comments were received. |
Subject Matter of Rule: The
Operating Procedure Regarding Dissolution of the Compact,
Termination of Participation in the Compact, and the Winding
Up of the Commission’s Operations establishes the
procedures for winding up of operations of the Commission,
including the cessation of operations prior to the dissolution
of the Compact and the equitable disposition of any surplus
funds that may exist upon the termination of the Compact. Additionally,
procedures for the termination of a compacting state’s
participation in the Compact either through voluntary
withdrawal or default are discussed, as well as the effect
of dissolution on the Commission’s actions.
Citation to Published Notices: Notice
of this Rule was published on October 5, 2007.
Name of persons requesting Public Hearing : Commissioner
Jane Cline, Chair of the Management Committee
Date and Location of Public Hearing, if any:
February 25, 2008 via teleconference
Status of Proposed Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment.
Written comments will be accepted on this proposed new
operating procedure until December 5, 2007.
Written requests for a public hearing must be received
no later than October 25, 2007.
Date Approved by Management Committee: February
25, 2008
Date Adopted by Commission: March 28, 2008
Effective Date of Rule: May 12, 2008
Link to Comments submitted by members and the
public:
No comments were submitted to the Management Committee
for this Operating Procedure. |
Subject Matter of Rule: The
Standards For Additional Life Insurance Benefits Provided
On A Guaranteed Insurability Basis (the “Proposed
Standards”) specify submission requirements, form
requirements and policy provisions for additional life
insurance coverage on the life of a designated insured
at specified dates and in specified amounts or under a
specified formula, without requiring evidence of insurability
for the designated insured; applying to benefits that are
built-in to individual life insurance policy forms or added
to such policy forms by rider, amendment or endorsement.
Citation to Published Notices: Notice
of this Rule was published on October 5, 2007.
Name of persons requesting Public Hearing : Commissioner
Jane Cline, Chair of the Management Committee
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 November 3, 2007. Written requests
for a public hearing must be received no later than September
24, 2007.
Date Approved by Management Committee: February
25, 2008
Date Adopted by Commission: March 28, 2008
Effective Date of Rule: May 12, 2008
Link to Comments submitted by members and the
public:
No comments were submitted to the Management Committee
for this Operating Procedure. |
Subject Matter of Rule: The
Operating Procedure for the Filing of Certifications for
Foreign Language Translations for Product Filings (the "Proposed
Rule") establishes procedures for the certifications
of foreign language translations for product filings approved
by the Commission to be sold or otherwise issued in languages
other than English, if permitted under the laws of a compacting
state.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any:
August 25, 2008, via teleconference
Status of Proposed Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment.
Written comments will be accepted on this proposed new
operating procedure until August 5 , 2008.
Written requests for a public hearing must be received
no later than June 26, 2008.
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: October 11, 2008
Link to Comments submitted by members and the
public:
Comments
from the Industry Advisory Committee |
Subject Matter of Rule: The
Operating Procedure for the Issuance of Advisory and Interpretative
Opinions (the "Proposed Rule") establishes procedures
for the IIPRC to issue bulletins, notices, general interpretations
or any other form of public statement regarding the Compact,
its organization and operations.
Citation to Published Notices: Notice
of this Rule was published on June 6, 2008.
Name of persons requesting Public Hearing : Industry
Advisory Committee
Date and Location of Public Hearing, if any:
August 25, 2008, via teleconference
Status of Proposed Rule (including upcoming meetings): This
operating procedure has been issued for notice and comment.
Written comments will be accepted on this proposed new
operating procedure until August 5 , 2008.
Written requests for a public hearing must be received
no later than June 26, 2008.
Date Adopted by Commission: August 27, 2008
Effective Date of Rule: October 11, 2008
Link to Comments submitted by members and the
public: |
Subject Matter of Proposed Rule: This
Operating Procedure establishes the procedures for a self-certification
filing process for certain Product Components where the
Commission determines, pursuant to adoption of an applicable
Uniform Standard, that this process will adequately protect
the interests of consumers and the Product Component may
be filed as a Self-Certified Product Filing.
Citation to Published Notices: Notice
of this Rule was published on December 11,
2009.
Name of persons requesting Public Hearing : Director
Mary Jo Hudson, Chair of the Management Committee
Date and Location of Public Hearing, if any: February
22, 2010 via teleconference
Status of Proposed Rule (including upcoming meetings): The
Proposed Operating Procedures has been issued for notice
and comment. Written comments will be accepted on the Proposed
Standards until February 10, 2010. Written requests for
a public hearing must be received no later than December
31, 2009.
Date Adopted by Commission: February
22, 2010
Effective Date of Rule: April 23, 2010
Link to Comments submitted by members and the
public:
Comments
from Industry Advisory Committee submitted 12/14/09
Comments
from the Missouri Department of Insurance, Financial Institutions
and Professional Regulation submitted 1/27/10 |
AMENDMENTS TO THE COMPACT BYLAWS
| Name of Standard/Procedure |
Effective Date |
Subject Matter of Rule: The
Technical Amendment to the IIPRC Bylaws Concerning Electronic
Legislative s (the "Proposed Rule") amends IIPRC
Bylaws with regard to who receives the Legislative Notice.
Citation to Published Notices: Notice
of this Rule was distributed on August 24, 2007.
The
Proposed Amendments as Noticed on August 24, 2007.
Status of Proposed Rule (including upcoming meetings): This
amendment to the IIPRC Bylaws has been issued for notice
and comment. Written comments will be accepted on this
proposed amendment to the IIPRC Bylaws until September
23, 2007 .
Date Approved by Management Committee: September
27, 2008
Effective Date of Rule: September 28, 2007
Link to Comments submitted by members and the
public: |
|
