Weekly Tip: Public Comment Periods

 

Weekly Tips

Public Comment Periods

7/30/2012

The Insurance Compact is currently conducting three different public comment periods. During these public comment periods all interested parties are encouraged to provide their comments.

The first comment period is regarding the development of the uniform standards for group annuity products. The Insurance Compact is currently soliciting comments regarding the framework of these uniform standards. The Compact will be receiving comments until August 15th. We would encourage all who are interested in the development of the group annuity uniform standards to submit comments to the Insurance Compact.

The second comment period is regarding the group term life insurance policy and certificate standards for employer groups. Upon the completion of the Product Standards Committee's work, the Management Committee published these uniform standards on June 28th and will be receiving comments until August 27th.

The third comment period is related to the 5-year review of the Uniform Standards, Rules and Operating Procedures of the Insurance Compact. The Rulemaking Rule prescribes that every Uniform Standard, Rule, and Operating Procedure be reviewed every five years. Currently, there are 29 Uniform Standards (predominately individual life) and nine Operating Procedures being reviewed under the Rulemaking Rule's five year review. The Insurance Compact will be receiving comments until September 1st.

All three will be the subject of the public hearing that will take place on August 10th during the in-person joint meeting of the Management Committee and Interstate Insurance Product Regulation Commission in Atlanta, GA. Conference call capabilities will be available for those who wish to participate and will not be able to travel to Atlanta. We would advise that you monitor the Event Calendar located on the Insurance Compact's website for more details.

More information regarding these comment periods may be found on the Docket located on the Insurance Compact's website - http://insurancecompact.org/compact_rlmkng_docket.htm. All interested parties are strongly encouraged to provide their comments to the Insurance Compact regarding the development of the group annuity uniform standards; the group term life insurance policy and certificate standards for employer groups; and/or the Uniform Standards, Rules, and Operating Procedures that are currently being reviewed under the 5-Year review process. The public comment period is a chance for all to provide their comments regarding the provisions included in the uniform standards by which the products are reviewed. All comments may be submitted electronically to comments@insurancecompact.org or by mailing to IIPRC 444 North Capitol Street, NW, Suite 701 Washington DC 20001.

Recently a Suggestion Box was added to the Insurance Compact's website. We strongly encourage you to use this to provide the Insurance Compact with your suggestions about the website, rules, uniform standards, filing process or member and customer service.

If you have any questions, please contact the Insurance Compact office.