Weekly Tip: Group Annuity Uniform Standards Available for Filing

Weekly Tips

Group Annuity Uniform Standards Available for Filing

1/24/20

Did you know that on January 14th, the Single Premium Group Fixed Annuity Contract Uniform Standards for Employer Groups (IIPRC-A-02-G) became the first effective Uniform Standards in the suite of newly adopted Group Annuity Uniform Standards?

The Type of Insurance (TOI) for Single Premium Group Fixed Annuities is A02G, and these products must be filed under the sub-TOI A02G.003 ? Single Premium.

Filers using these Uniform Standards should be aware that the Group Annuity Certificate Uniform Standards for Employer Groups (IIPRC-A-02-G-CERT), which apply to the certificate to be used with IIPRC-A-02-G, are not available for approval until March 30th. The Compact will not issue approvals for compliant product filings submitted under IIPRC-A-02-G until that date.

If you have any questions about filing Group Annuity products with the Insurance Compact, please contact the Insurance Compact Office or submit a Pre-Filing Communication Form to Comments@insurancecompact.org.