Weekly Tip: Five-Year Review

 

Weekly Tips

 Five-Year Review

8/08/2013

Currently the Insurance Compact is conducting a five-year review of all Uniform Standards, Operating Procedures, and Rules.  The Uniform Standards, Operating Procedures, and Rules are being grouped and reviewed based on their date of adoption.  Both the Product Standards and the Rulemaking Committees are conducting the reviews.   More information may be found on the Docket as to what Uniform Standards, Operating Procedures, and Rules are subject to the current review. 

The five-year review process as set-forth in the Rule for Adoption, Amendment and Repeal of Rule for the Interstate Insurance Product Regulation Commission (Rulemaking Rule), akin to the regulatory review that the states conduct of their own laws and regulations, is to review the Uniform Standards, Operating Procedures, and Rules for their need of continuation, repeal, or amendment.   The initial review of the Uniform Standards, Operating Procedures, and Rules began July 2012.  

During the five-year review and after the comment period has concluded, the Insurance Compact Office reviews the comments and provides a comprehensive report to the Committee of jurisdiction.  The Committee will then conduct a public call to present the recommendation received from the Insurance Compact Office.  The Product Standards Committee is conducting such a call on Tuesday, August 13th regarding the Uniform Standards that were included in the July 3, 2012 five-year review notice.  More information regarding this call may be found on the Event Calendar on the Insurance Compact website.  After this call, the Product Standards Committee will conduct an in-depth review of the Uniform Standards based on the recommendation from the Insurance Compact Office.  The Product Standards Committee will conduct public calls regarding their work before making a recommendation to the Management Committee later this year.  During these public calls, additional comments may be made regarding the potential amendments to the Uniform Standards.  More information as to the process and recommendation may be found on the Docket

On August 1, a Notice was sent out to all interested parties of the Insurance Compact regarding the latest group of Uniform Standards, Operating Procedures, and Rules that are now subject to the five-year review.  The review has been commenced on the Uniform Standards, Operating Procedures, and Rules effective on or before December 31, 2008 pursuant to § 119 of the Rule for the Adoption, Amendment and Repeal of Rules for the Interstate Insurance Product Regulation Commission.  Comments regarding these Uniform Standards, Operating Procedures, and Rules will be accepted until September 30, 2013 and will be posted to the Insurance Compact's website, specifically the Docket.  Comments in favor of repeal or amendment should describe how circumstances or underlying assumptions have changed since the last time the rule was amended.  Please do not include any personally identifiable information or confidential business information that you do not want publicly disclosed.

The Insurance Compact would highly recommend that all interested parties review the information pertaining to the five-year review and provide comments.  If you have any questions regarding this information, please contact the Insurance Compact Office.