Filing ILVA Products with the Compact

This is a follow-up on the May 16th weekly tip announcing the timing relative to the Standards for Individual Deferred Index Linked Variable Annuity Contract (commonly referenced as ILVA) were adopted. Filers interested in using these standards should be aware of these points:

  • Opt out - Oregon has notified the Compact Office of its election to opt out of the above standards as well as  the amendments to the title and scope of the Additional Standards for Market Value Adjustment Feature for Modified Guaranteed Annuities and ILVA Annuities. Oregon is not to be included in ILVA filings and will be removed if inadvertently included.
  • Type of Insurance - The Compact Office has now enabled A02.1I to separate ILVAs from other variable annuity submissions. Using this TOI will avoid the inadvertent inclusion of Oregon.
  • Effective date - Again, August 12th is the effective date for the Uniform Standards for the ILVA contract and MVA feature of an ILVA. Any filing made (and found compliant) before August 12th will not be approved until August 12th. 

Share Article