Amended Additional Standards for Overloan Protection Benefits Effective November 17th
Did you know that beginning November 17th, the Additional Standards for Overloan Protection Benefits (IIPRC-L-08-I-LB-OLP) will also apply to individual whole life insurance products?
The Interstate Insurance Product Regulation Commission adopted amendments to IIPRC-L-08-I-LB-OLP that expand the scope of the Uniform Standards to include individual whole life insurance products. Before the amendments, this standard was only applicable to individual adjustable life insurance policies. Now the Insurance Compact can accept filings with this feature on whole life insurance policies. The change in scope applies to forms filed on or after November 17th. There is no impact on previously-approved forms containing an overloan protection benefit.
For more information on the changes to the Uniform Standards, navigate to the Standard History for IIPRC-L-08-I-LB-OLP on the Insurance Compact?s online Rulemaking Record. Under ?Amendments Adopted August 2019,? there is a wealth of information available, including a redlined version of the amended Uniform Standards, memoranda from the Product Standards Committee with information regarding the rulemaking history, and comments received during the rulemaking process. You will also find the amended Uniform Standard available in checklist format.
If you have any questions regarding the amended Uniform Standards, or filing with the Insurance Compact in general, please contact the Insurance Compact Office.