Weekly Tip: Product Standards Public Call


Weekly Tips

Product Standards Public Call


This week’s tip is of special interest to current and prospective annuity filers. The Product Standards Committee recently issued notice of a public conference call to be held on Tuesday, September 1st.  The purpose of this call is to receive public comments on the IIPRC Office Report and Recommendation to the Product Standards Committee for the Uniform Standards currently subject to the Five-year review (Phase 5).  Phase 5 includes eight Uniform Standards that were originally effective prior to July 1, 2010, primarily additional standards for certain annuity products such as Guaranteed Living Benefits, Guaranteed Minimum Death Benefits, Bonus Benefits and Market Value Adjustment Features.

The Insurance Compact issued notice on January 6th regarding the Uniform Standards subject to Phase 5 of the Five-year review, requesting comments on the need for continuation, repeal or amendment of these Uniform Standards, specifically if circumstances or underlying assumptions have changed since the last time the rule was amended, therefore requiring change.  The Report and Recommendation to the Product Standards Committee includes a summary of the comments received during the public comment period and suggested changes, changes proposed by the IIPRC Office as a result of applying the Uniform Standards, and changes that were made to other standards in earlier reviews that are also applicable to the standards currently under review. The comments received may be found on the Docket under “5-Year Review of Uniform Standards, Operating Procedures & Rules”, specifically under “Phase 5 as Noticed on January 6, 2015”; click the “+” for additional information.

The details pertaining to the Product Standards Committee call may be found on the Event Calendar located on the main page of the Insurance Compact’s website.  Additionally, information regarding this report and the Uniform Standards subject to Phase 5 of the Five-year review can be found on the Docket.  Please note that  we ask that comments regarding this report be provided to the Insurance Compact Office no later than Thursday, August 27th.  We would like to ask that all interested parties adhere to the comment deadline as this enables all participating in the conference call to have ample time to review the comments for productive dialogue during the conference call.   The public comment period is a chance for all to provide their comments regarding the proposed amendments to the Uniform Standards as a result of the Five-year review of the Uniform Standards.  All comments may be submitted electronically to comments@insurancecompact.org or by mailing to IIPRC 444 North Capitol Street, NW, Suite 700 Washington DC 20001.

We hope that you find this information to be useful and if you have any questions regarding this particular Weekly Tip or the Insurance Compact, please contact the Insurance Compact office.