Weekly Tip: New Uniform Standards for Group Life and Individual Annuity Benefit Features

 

Weekly Tips

New Uniform Standards for Group Life and Individual Annuity Benefit Features

4/04/2014

Today we are pleased to announce two new Uniform Standards became available for filing and review this week. Adopted in December 2013, both Uniform Standards provide additional benefit feature options for IIPRC filers to use in rounding out their product portfolios approved through the IIPRC's speed-to-market solution for efficiency-minded companies. Both Uniform Standards are posted on the IIPRC's Record, with their respective Checklists and histories.

  • Group Term Life Insurance Uniform Standards for Accelerated Death Benefits (IIPRC-L-04-G-EG-AccelDB).  These Uniform Standards complete the initial suite of group term life insurance Uniform Standards with a modernized and carefully considered benefit feature. Mix and match is permitted for these Uniform Standards. Even if you are not planning a group term life insurance filing, any life insurance filer would benefit from reviewing these Uniform Standards because the existing Standards for Accelerated Death Benefits for individual life insurance are proposed to be amended with many of the same provisions in the group term life insurance version. Incidentally, we are accepting comments on the proposed amendments to the Standards for Accelerated Death Benefits for individual life insurance, which are being posted on the IIPRC's Docket.

If you anticipate making a filing using these new Uniform Standards, we look forward to working with you to ensure that your submission addresses all specific requirements of these Uniform Standards. As with any filing, whether using new or well-established Uniform Standards, we find your review time will be reduced by contacting us with any questions before your filing is submitted. If you have any questions about IIPRC Uniform Standards or submission requirements, please contact the IIPRC Office.