Developments at the Insurance Compact Summer Meeting
The Insurance Compact Management Committee and Commission met in New York City on August 2nd. Wondering what new developments came out of the meeting? Read on!
With respect to Uniform Standards development, the Commission adopted amendments to the Additional Standards for Overloan Protection Benefits that expand the Scope of the Uniform Standards to include individual whole life insurance products. The amended Uniform Standards will become effective for filing use in mid-November. Additionally, the Management Committee held a public hearing for two proposed new Uniform Standards ? RNUS 2019-1: Additional Standards for Return of Premium for Individual Disability Income Insurance Policies and RNUS 2019-2: Single Premium Group Fixed Annuity Contract Uniform Standards for Employer Groups ? though no new comments were received. The 60-day public comment period for these two proposed Uniform Standards expires on August 23, 2019. Interested parties should submit written comments to email@example.com. Finally, the Management Committee accepted the Product Standards Committee recommendation to commence the rulemaking procedure with respect to proposed draft Group Annuity Certificate Uniform Standards for Employer Groups. These draft Uniform Standards will soon be published for a 60-day public comment period.
Curious about what?s next on the PSC agenda? Check out the updated PSC Workplan, found on the About the Compact page of the Insurance Compact website.
As part of the Strategic Planning Initiative, the Commission discussed the proposed Compact Strategic Planning Framework. The Compact Strategic Planning Committee?s next project is to further develop the objectives and action items, with the goal of having a draft Strategic Plan to expose for public comment by late September.
In the Operational Update, the Insurance Compact Office reported that revenue and filing activity are proceeding at a record pace. The Compact has received 1,009 products YTD, reflecting 34% year-over-year growth, and the number of registered companies has already exceeded the 2018 total. The Insurance Compact Office has completed hiring on the two budgeted new product operations resources, with onboarding occurring through August. Stay tuned for more information.
If you have any questions about the August in-person meeting of the Insurance Compact Management Committee and Commission or about filing with the Insurance Compact in general, please contact the Insurance Compact Office.