|
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 |