Weekly Tip: Comments on Amendments to Phase Five of the Uniform Standards Subject to Five-Year Review

 

Weekly Tips

 Comments on Amendments to Phase Five of the Uniform Standards Subject to Five-Year Review

2/02/2016

On November 18th, 2015, the Management Committee of the Interstate Insurance Product Regulation Commission (IIPRC) voted to publish for notice and comment proposed amendments to the Uniform Standards under Phase Five of the 5-Year Review process. The proposed amendments were published on December 9th, 2015 for a 60-day comment period. As a reminder, the deadline for submission of written comments is rapidly approaching. The proposed amendments are to the following Uniform Standards:

  • Additional Standards for Bonus Benefits for Individual Deferred Variable Annuity Contracts
  • Standards for Waiver of Premium Benefit for Child Insurance in the Event of Payor’s Total Disability or Death
  • Additional Standards for Market Value Adjustment Feature Provided Through the General Account
  • Additional Standards for Market Value Adjustment Feature Provided through a Separate Account
  • Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities
  • Additional Standards for Guaranteed Minimum Death Benefits for Individual Deferred Variable Annuities
  • Additional Standards for Guaranteed Living Benefits for Individual Deferred Non-Variable Annuities

The amended Uniform Standards can be viewed under Amendments to Uniform Standards under the Rulemaking tab on the Docket of the IIPRC’s website and the public comment period is open until February 8th. The Management Committee will hold a public hearing to receive additional comments on the Phase Five amendments to Uniform Standards at its February 24th joint conference call of the Management Committee and Commission, for which further information can be found on the IIPRC Events Calendar.

 

If you have any questions regarding the Five-Year Review Process or the Insurance Compact, please contact the IIPRC office.