Two New DI Standards Effective on July 10th
On Monday, July 10th, filers will become able to file using two new specialized Individual Disability Income (IDI) Uniform Standards - Individual Disability Income Key Person Replacement Insurance Policy Standards and Individual Disability Income Buy Sell Insurance Policy Standards. These two Uniform Standards were adopted by the Insurance Compact in March.
A policy filed under either the Buy Sell Insurance Policy Standards or the Key Person Replacement Insurance Policy Standards is to be individually underwritten, including a policy that is marketed through employer and association groups (“multi-life” plans).
Wyoming has indicated they will opt out of these two IDI standards, as was the case with other IDI and group disability income insurance Uniform Standards.
Please review the complete Uniform Standards on the Compact’s website Record before building your product filing.
If you have any questions, please contact the Insurance Compact Office.