Comments for New Uniform Standards Requested by August 15

WASHINGTON, D.C. (June 13, 2012) - The Interstate Insurance Product Regulation Commission (IIPRC) today issued a request seeking input on the framework, scope and key provisions for the next set of Uniform Standards under development covering group annuity products.

"We appreciate the tremendous past efforts of the National Association of Insurance Commissioners and its Speed to Market Task Force in assisting the IIPRC with its development of the Uniform Standards adopted to date," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "The IIPRC is ready to take a proactive lead gathering comments and developing the initial drafts of the group annuity Uniform Standards through its participatory rulemaking process. I encourage all involved parties to provide input at this important stage of development."

To date, the IIPRC has adopted 82 Uniform Standards covering a wide range of products and benefit features for the individual asset-based insurance product lines authorized by the Compact. The IIPRC and its Product Standards Committee are currently considering Uniform Standards for employer-employee group life products, expected to be adopted this fall.

The initial draft of the Uniform Standards were developed by the NAIC Speed to Market Task Force and then sent to the IIPRC for further consideration. In 2011, the IIPRC amended its rulemaking procedures to facilitate open and public input in advance of the development of the initial draft of IIPRC's Uniform Standards and this work has fully transitioned from the NAIC to the IIPRC.

For further information, see the Request for Comments on Framework for Uniform Standards on Group Annuities. The IIPRC requests comments by Wednesday, August 15, 2012. All written comments will be posted to the IIPRC website on its Rulemaking Docket. These comments will be considered by the Product Standards Committee as it develops the initial draft of group annuity Uniform Standards.

About the Commission

Currently, 41 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, 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.

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