Addressing the Suicide Exclusion Period Amendments
The Compact Office is beginning a series of tips aimed at explaining compliance with the Uniform Standards amendments adopted in December on the maximum suicide exclusion period for individual and group life insurance policies.
Here are the most important points to know about the suicide exclusion period amendments:
- Filing Information Notice 2023-1 was issued in January to provide detailed instructions on complying with the amendments.
- The effective date of the amendments for new product filings is April 3rd.
- Compact reviewers are now proactively prompting pending policy filings to comply with the amendments prior to the effective date, thus avoiding further action on this issue before launch of a new product.
- The effective date of the amendments for new issues of previously approved Compact products is October 3rd.
If you have any questions or feedback, contact the Insurance Compact Office.