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IIPRC
SOLICITS INPUT ON GROUP ANNUITIES STANDARDS
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.
For
more information, visit www.insurancecompact.org.
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