Weekly Tip: Specification Page Requirements for Riders and Endorsements


Weekly Tips

Specification Page Requirements for Riders and Endorsements


This week’s tip is the third in a series intended to assist filers across all product lines with improving quality control of their IIPRC filing submissions. The tips present steps a filer at any experience level can take to streamline the review process.

This week we are reminding all filers who file life riders and/or endorsements of a requirement found in the Additional Standards for All Benefit Features Added by Rider, Endorsement or Amendment to an Individual Life Policy (“All Benefit Features Uniform Standards”) that is often overlooked, which pertains to the Specification Page(s) required at the time of submission for riders and/or endorsements.

When a life rider or endorsement is submitted to the Insurance Compact for review, it must comply with the specific Uniform Standard(s) for that rider as well as the All Benefit Features Uniform Standards. The overlooked requirement is found in §1 A.(1) of the All Benefit Features Uniform Standards which states that “[a]ll forms filed for approval should be included with the filing. Changes to a previously approved form shall be highlighted. Specifications pages shall be provided for all uses of the form. These shall be completed with hypothetical data that is realistic and consistent with the other contents of the form or the policy and any required actuarial memorandum in support of nonforfeiture values.”
The specification page information may be submitted as part of the rider or endorsement document, or it can be a dedicated separate form on the Form Schedule with a unique form number. Alternatively, the specification page information for benefits added by rider or endorsement may be contained in the base policy specification page(s). If the specification data for the rider or endorsement will appear on the base policy specification pages, and those policy specification pages have been approved in a previous filing, then provide a sample of those pages in Supporting Documentation with realistic hypothetical data for the benefit added by rider or endorsement. The hypothetical data provided on the specification page(s) must be consistent with the other contents of the separately filed form or policy, including the Statement of Variability for the rider or endorsement and any required actuarial memorandum.

You will want to remember that per §2, A. (5), the following information is required on the specification pages when applicable:

  • The name, age, sex, and premium for each insured;
  • The benefit amount;
  • Any applicable identifiable charges. In this regard, an identifiable charge is recognized as a separate premium charge or an administrative fee or charge deducted from the account value;
  • An effective date of the form; and
  • The duration of coverage, including any initial or final expiry date, or any expiry age.

If you have any questions about using these requirements or this Weekly Tip, please contact the IIPRC Office at Comments@insurancecompact.org.