Weekly Tip: Recently Adopted Amendments to Individual Life Uniform Standards

 

Weekly Tips

Recently Adopted Amendments to Individual Life Uniform Standards

9/05/2014

The Insurance Compact recently adopted amendments to the majority of the individual life Uniform Standards.  These amendments were the result of the 5-Year Review that was conducted on the Uniform Standards that were adopted on or before December 31, 2007.  The amended Uniform Standards will be effective December 4th.

You may be wondering what this means for you and your product development.  Moving forward from the date the Uniform Standards are effective for use, you will want to use the amended versions to develop your product filings.   In the coming weeks, the checklists that are published on the website will be updated to reflect the amendments as well.  The great majority of the revisions provide clarifications and do not alter how the Uniform Standards are applied today.  There are several changes to two commonly used Uniform Standards: the Individual Life Insurance Application Standards and the Additional Standards for Accelerated Death Benefits. There are also improvements to make the Uniform Standards more user-friendly such as adding a table of contents to each of the Uniform Standards.  A summary of the changes and redlined versions of the Uniform Standards are available on the Rulemaking Record under the Standard History link in the Effective Date column for each affected item.

The amendments apply only to new filings received after the effective date of the amendments. It is not necessary to resubmit previously approved forms to comply with these amendments, or to suspend use of previously approved forms that do not comply with these amendments.

In addition to the revised checklists and the historical documents, another resource for learning about the amendments is the upcoming industry webinar series, which begins next week. The flyer for the webinar series is attached. If you have not yet registered for the webinars, now is a great time to do so!