Weekly Tip: Phase 5 of the Five-Year Review

 

Weekly Tips

Phase 5 of the Five-Year Review

2/11/2015

On January 6th the Insurance Compact initiated the fifth phase of the 5-Year Review of all Uniform Standards, Operating Procedures and Rules. 

Currently, the Product Standards Committee is requesting comments on the need for continuation, repeal or amendment of certain Uniform Standards that were originally effective between January 1, 2010 and  June 30, 2010. Specifically those Uniform Standards are:

  • Additional Standards for Bonus Benefits for Individual Deferred Variable Annuity Contracts which became effective June 25, 2009;
     
  • Standards for Waiver of Premium Benefit for Child Insurance in the Event of Payor’s Total Disability or Death which became effective May 31, 2007;
     
  • Additional Standards for Market Value Adjustment Feature Provided Through the General Account which became effective August 17, 2009 with amendments effective July 19, 2010;
     
  • Additional Standards for Market Value Adjustment Feature Provided through a Separate Account which became effective August 17, 2009;
     
  • Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities which became effective on June 3, 2010;
     
  • Additional Standards for Guaranteed Minimum Death Benefits for Individual Deferred Variable Annuities which became effective on June 3, 2010; and
     
  • Additional Standards for Guaranteed Living Benefits for Individual Deferred Non-Variable Annuities became effective on June 3, 2010.

Additionally, the Rulemaking Committee is requesting comments on the need for continuation, repeal or amendment of certain Operating Procedures and Rules that were originally effective between January 1, 2010 and June 30, 2010. At this time, there is only one Rule that is subject to this review and that is the Rule for Self-Certification for Product Components Filed with the Interstate Insurance Product Regulation Commission which became effective on April 23, 2010.

Comments in favor of repeal or amendment should describe how circumstances or underlying assumptions have changed since the last time the rule was amended.  Written comments will be accepted until March 7, 2015 and will be posted to the IIPRC’s website.  Please do not include any personally identifiable information or confidential business information that you do not want publicly disclosed.

We would encourage all interested parties to monitor the Docket for comments received regarding these Uniform Standards and Rule.  More information may be found on the Docket pertaining to the process as well as the Uniform Standards and Rule subject to this phase of the 5-Year Review. If you have any questions, please contact the Insurance Compact Office.