Interstate Commission Docket

INDIVIDUAL TERM LIFE PRODUCT LINE

Individual Term Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End 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

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)

Individual Single Premium Term Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End Date :

Individual Joint Last to Die Survivorship Term Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End Date :

Individual Single Premium Joint Last to Die Survivorship Term Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End Date :

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:

Date Adopted by Commission:

Effective Date of Rule:

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)

INDIVIDUAL WHOLE LIFE PRODUCT LINE

Individual Whole Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End Date :

Individual Single Premium Whole Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End Date :

Individual Joint Last to Die Survivorship Whole Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End Date :

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

Link to Comments submitted by members and the public:
AARP Comments
IIPRC Industry Advisory Committee Comments
Kentucky Comments
LISA Comments

Individual Single Premium Joint Last to Die Survivorship Whole Life Insurance Policy Standards

Effective Date:
Sept. 6, 2007

Mix and Match End Date :

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:

Date Adopted by Commission:

Effective Date of Rule:

Link to Comments submitted by members and the public:
AARP Comments
IIPRC Industry Advisory Committee Comments
Kentucky Comments
LISA Comments

Individual Current Assumption Whole Life Insurance Policy Standards and Conforming Amendments to Individual Adjustable Life Standards

Effective Date:
Jan. 3, 2008

Mix and Match End Date :

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

Link to Comments submitted by members and the public:
Comments from the Industry Advisory Committee

INDIVIDUAL ENDOWMENT INSURANCE PRODUCT LINE

Individual Endowment Insurance Policy Standards

Effective Date:
Jan. 3, 2008

Mix and Match End Date :

Individual Single Premium Endowment Insurance Policy Standards

Effective Date:
Jan. 3, 2008

Mix and Match End Date :

Individual Joint Last To Die Survivorship Endowment Insurance Policy Standards

Effective Date:
Jan. 3, 2008

Mix and Match End Date :

Individual Single Premium Joint Last To Die Survivorship Endowment Insurance Policy Standards

Effective Date:
Jan. 3, 2008

Mix and Match End Date :

INDIVIDUAL NON-VARIABLE ADJUSTABLE LIFE INSURANCE PRODUCT LINE

Individual Flexible Premium Adjustable Life Insurance Policy Standards

Effective Date:
April 5, 2007

Mix and Match End Date :

Individual Joint Last to Die Survivorship Flexible Premium Adjustable Life Insurance Policy Standards

Effective Date:
April 5, 2007

Mix and Match End Date :

Individual Modified Single Premium Adjustable Life Insurance Policy Standards

Effective Date:
April 5, 2007

Mix and Match End Date :

INDIVIDUAL VARIABLE ADJUSTABLE LIFE INSURANCE PRODUCT LINE

Individual Modified Single Premium Variable Life Insurance Policy Standards

Effective Date:
Jan. 3, 2008

Mix and Match End Date :

Individual Modified Single Premium Joint First To Die Variable Life Insurance Policy Standards

Effective Date:
Jan. 3, 2008

Mix and Match End Date :

Individual Flexible Premium Variable Adjustable Life Insurance Policy Standards

Effective Date:
April 5, 2007

Mix and Match End Date :

Individual Joint Last to Die Survivorship Flexible Premium Variable Adjustable Life Insurance Policy Standards

Effective Date:
April 5, 2007

Mix and Match Date :

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

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

Link to Comments submitted by members and the public:

STANDARDS FOR INDIVIDUAL LIFE BENEFIT FEATURES

Standards for All Benefit Features Added by Rider, Endorsement or Amendment to an Individual Life Policy

Effective Date:
May 31, 2007

Mix and Match End Date :

Standards for Accidental Death Benefits

Effective Date:
May 31, 2007

Mix and Match End Date :

Standards for Accidental Death and Dismemberment Benefits

Effective Date: May 31, 2007

Mix and Match End Date :

Standards for Accelerated Death Benefits

Effective Date: May 31, 2007

Mix and Match End Date :

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