Uniform Standards Activity
The Insurance Compact Management Committee and Commission will be meeting in person this Friday, August 2nd in New York City. Did you know that there are a number of new Uniform Standards and proposed amendments to Uniform Standards on the agenda, at different stages of the rulemaking process?
Final action is expected for the proposed amendments to the Additional Standards for Overloan Protection Benefits (RAUS 2019-1: Additional Standards for Overloan Protection Benefits). The amendments will be considered for approval by the Management Committee, then adoption by the Commission. These amendments expand the Scope of the Uniform Standards to include individual whole life insurance products. Previously, this standard was only applicable to individual adjustable life insurance policies.
A public hearing is scheduled for the following two proposed new Uniform Standards pending with the Management Committee:
- RNUS 2019-1: Additional Standards for Return of Premium for Individual Disability Income Insurance Policies
- RNUS 2019-2: Single Premium Group Fixed Annuity Contract Uniform Standards for Employer Groups
The 60-day public comment period for these two proposed new Uniform Standards expires on August 23, 2019, and the Insurance Compact will continue to take comments until this date.
Following the hearing, the Product Standards Committee (PSC) will deliver a report and a recommendation to the Management Committee to initiate the rulemaking procedure with respect to the proposed draft Group Annuity Certificate Uniform Standards for Employer Groups.
If you have any questions about the upcoming Insurance Compact meeting, or about filing with the Insurance Compact in general, please contact the Insurance Compact Office. More information on current Uniform Standards development may be found on the Insurance Compact Docket.