Weekly Tip: Amendments to the Additional Standards for Overloan Protection Benefits

Weekly Tips

Amendments to the Additional Standards for Overloan Protection Benefits

9/5/19

Did you know that beginning November 17, 2019, the Additional Standards for Overloan Protection Benefits (IIPRC-L-08-I-LB-OLP) will also apply to individual whole life insurance products?

On August 2, 2019, following public comment and a public hearing, 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. Previously, this standard was only applicable to individual adjustable life insurance policies. The amended Uniform Standards will become effective on November 17th. Filings submitted before November 17th are reviewed under the current version of the Uniform Standards.

The adopted amendments are the first changes related to the Product Standard Committee?s ongoing work to fill gaps within the current individual life insurance and annuity Uniform Standards for certain products and benefits currently in the marketplace.

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.