Weekly Tip: Effective Date for 5-Year Review Uniform Standards

 

Weekly Tips

Effective Date for 5-Year Review Uniform Standards

11/11/2014

On August 15th, the Insurance Compact adopted amendments to 30 individual life Uniform Standards as part of the first phase of the 5-Year Review.  These amendments become effective for filing use on December 4th.  This week and the next two weeks we are going to highlight some of the amendments made as you prepare product filing submissions utilizing the amended Uniform Standards. 

Previously approved forms will not need to be refiled with the Insurance Compact to comply with the amendments. The amendments are largely clarifications to the existing Uniform Standards rather than substantive changes, and they specifically apply only to new filings submitted after the December 4th effective date.

Each of the amended Uniform Standards has been posted to the Record on the Insurance Compact’s website along with the corresponding checklist which has been updated as well.  Information pertaining to the amendments that were made to the Uniform Standards may be found under the “+ Amendments to the Uniform Standards” which can be found by clicking on “Standard History” for each affected Uniform Standard in the Effective Date column on the Record.

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Some of the Uniform Standards have been amended more than one time and each set of amendments and relevant information pertaining to each set of amendments may be found grouped together under each affected Uniform Standard.  The redlined version of the Uniform Standards is found by clicking on the title of the Uniform Standards at “Name of Proposed Rule” under the expandable heading “5-Year Review Amendments Adopted August 2014” as shown above.  For more information about the amendments made, please refer to the Transmittal Memo to certain Uniform Standards adopted prior to December 31, 2007 (Phase 1) Subject to the Five-Year Review Process with Summary Chart.

If you have any questions regarding the Uniform Standards or the amendments made to the Uniform Standards, please contact the Insurance Compact Office.  In the next few tips we will highlight the changes made to two frequently submitted forms: individual Accelerated Death Benefits and individual life insurance applications.