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ILLINOIS NOW ACCEPTING VARIABLE LIFE AND ANNUITY
PRODUCT FILINGS THROUGH COMPACT
Illinois
Lifts Its Stay For All Uniform Standards Except One
WASHINGTON,
D.C. (Jan. 6, 2012)
— The Interstate Insurance Product Regulation Commission (IIPRC) announced
Illinois has lifted its stay of the effectiveness of the remaining Uniform
Standards except for the Additional Standards for Market Value Adjustment
(MVA) through Separate Accounts. Illinois has requested an additional
120-day
stay of the effectiveness of this particular annuity benefit feature
standard while it pursues possible legislative change.
“I commend the Illinois Department of Insurance for their diligent and
collaborative approach to review and implement the Uniform Standards
for all individual product lines,” said Roger A. Sevigny, IIPRC Chair and
New Hampshire Insurance Commissioner. “This process has demonstrated
the commitment of the Commission and its members to work with incoming
member states to address possible concerns and achieve full
implementation.”
“We appreciate the opportunity to work with our fellow regulators to
clarify the scope and applicability of the adopted variable life and
annuity Uniform Standards,” said Robert E. Wagner, Acting Illinois Director
of Insurance. “We continue to work toward implementation of the
remaining standard, which requires changes to current state law, and look
forward to continued collaboration with our fellow Compacting States.”
For all product filings including variable life and annuity, registered
companies can include Illinois on new, pending and previously-approved
product filings other than products that have a MVA through Separate
Accounts. On a related note, the IIPRC published Filing
Information Notice 2011-1, which provides steps and clarifications for
filing and review of certain variable life and annuity product filings
under the applicable Uniform Standards.
About
the Commission
Currently, 41 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New
Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania,
Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont,
Virginia, Washington, West Virginia, Wisconsin and Wyoming.
The
IIPRC enables state insurance regulators to develop uniform national
standards for asset protection insurance products, such as life insurance,
annuities, disability income and long-term care insurance. The IIPRC
establishes a central filing point for these insurance products, enhancing
the speed and efficiency of regulatory decisions and allowing companies to
compete more effectively in the modern financial marketplace, while
continuing to provide protection for consumers.
For
more information, visit www.insurancecompact.org.
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