What is Happening on April 2nd?
On Saturday, April 2nd the IIPRC will convene the Management Committee and Commission in a joint, in-person meeting in New Orleans, LA in conjunction with the NAIC Spring National Meeting. In this week?s Weekly Tip, we wanted to provide you with a summary of what is expected during this meeting.
The IIPRC will receive a report from the Audit Committee on the 2015 audit of the Commission. Most of the in-person meeting will be dedicated to receiving reports from the Communications, Finance, Product Standards, and Rulemaking Committees regarding their recent activities. Additionally, the Communications Committee will have a recommendation to present to the Management Committee regarding the formation of Focus Groups. The Management Committee and Commission will consider amendments to specific Uniform Standards noticed on December 9, 2015 for approval and adoption. Please note that the Management Committee did receive comments on the Additional Standards For Guaranteed Living Benefits For Individual Deferred Variable Annuitiesand Additional Standards For Guaranteed Living Benefits For Individual Deferred Non-Variable Annuities, and the Product Standards Committee is still discussing those comments. As such, the Guaranteed Living Benefits (GLB) Standards will not be considered for adoption during this meeting. The Product Standards Committee has scheduled a public conference call for April 12th to receive comments regarding further proposed changes to the GLB Standards.
The Management Committee and Commission will then consider for adoption the Meeting Minutes from the November and December 2015 and the February 2016 meetings to bring the Meeting Minutes on the website current.
The Commission will then consider Requests for Stay from Group Disability Income Insurance Uniform Standards from the Montana Office of Commissioner of Securities and Insurance and the Wyoming Insurance Department. These two states notified the IIPRC of their intent to opt out of the Group Disability Income Product Uniform Standards by regulation and requested a temporary stay of the effectiveness of the Group Disability Income Insurance Uniform Standards for their respective states while each pursues their respective regulation. The Group Disability Income Insurance Uniform Standards were promulgated on March 10th and will become effective on June 8th for purposes of product filing submissions with the IIPRC.
The Commission will also discuss the request submitted from the Connecticut Insurance Department to address the War Exclusion Provision found in the individual and group life insurance policy Uniform Standards.
All information pertaining to the in-person meeting may be found on the IIPRC website, specifically the Event Calendar.
If you have any questions about the upcoming in-person joint meeting, please contact the IIPRC Office.