IIPRC NOW ACCEPTING ANNUITY
PRODUCTS
New Standards Include
Variable and Non-Variable Annuity Products
WASHINGTON, D.C. (June 15,
2010) - The Interstate Insurance Product Regulation
Commission (IIPRC) is now accepting both variable and non-variable
annuity products with guaranteed benefit features. The following
Uniform Standards were adopted by the Commission in February and are
now effective for purposes of filing:
-
Guaranteed Living Benefits for
Individual Deferred Non-Variable Annuities;
-
Guaranteed Living Benefits for
Individual Deferred Variable Annuities; and
-
Guaranteed Minimum Death
Benefits for Individual Deferred Variable Annuities.
These benefits can be submitted as part
of the annuity contract or as a rider, endorsement or amendment, and
are eligible for mix and match with state-approved product
components.
"Guaranteed benefits are becoming very
popular features in annuity products as they can provide a
guaranteed minimum living, death benefit or income stream to the
owner if market investments drop below a certain level," said Mary
Jo Hudson, IIPRC Chair and Ohio Insurance Director. "These
additional standards reflect the careful consideration of consumer
interests to ensure accessibility and affordability of these
benefits by providing enhanced specificity and limitations on
termination of guaranteed features, and requiring prominently
prescribed cover-page consumer disclosures and stringently applied
nonforfeiture requirements.”
"We continue to round out the extensive
types of individual annuity products which may be filed through the
IIPRC's central, standardized filing process," said Hudson. "The
IIPRC is providing speed-to-market benefits to both companies and
its customers by facilitating the preparation and submission of a
product filing."
Once approved under rigorous, detailed
and consumer-oriented uniform standards, filings can be marketed in
up to 35 states and Puerto Rico, with IIPRC review taking 60 days or
less. A Filing Information Notice (FIN) has been posted to the
website to provide filing guidance: http://www.insurancecompact.org/fin.htm.

About the Commission
Currently, 36 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members
are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New
Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico,
Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont,
Virginia, Washington, West Virginia, Wisconsin and Wyoming.
The IIPRC enables state insurance
regulators to develop uniform national standards for asset
protection insurance products, such as life insurance, annuities,
disability income and long-term care insurance. The IIPRC
establishes a central filing point for these insurance products,
enhancing the speed and efficiency of regulatory decisions and
allowing companies to compete more effectively in the modern
financial marketplace, while continuing to provide protection for
consumers.
For more information, visit www.insurancecompact.org.