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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 |
