Weekly Tip: Summer Reading

 

Weekly Tips

Summer Reading

5/16/2014

As we get closer to the "official kick-off" of summer, we wanted to provide you with a little light summer reading.

On Monday, May 12th, the Insurance Compact published for comment amendments to 29 Uniform Standards.  These amendments are related to Phase 1 of the 5-Year Review process that the Insurance Compact's Uniform Standards are currently undergoing.  As we have said before this 5-Year Review process is similar to administrative procedures in state regulatory agencies, the Insurance Compact "Rulemaking Rule" requires the Insurance Compact to review its Uniform Standards, Rules and Operating Procedures every five years.  These amendments may be found on the Docket of the Insurance Compact's website.

These amendments were recommended for publication and comment by the Product Standards Committee during the April 28th Management Committee teleconference.  Comments will be accepted on these proposed amendments until July 14th.  We would suggest that you please reference the Transmittal Memo for the Recommendation Pursuant to Section 119 of the Rulemaking Rule for Changes and Clarifications to certain Uniform Standards adopted prior to December 31, 2007 (Phase 1) Subject to the Five-Year Review Process as this provides in great detail the changes that are being proposed to the Uniform Standards.  The Transmittal Memo may be found under the "+" for each of the Uniform Standards as well as under the "Report and Recommendations" for Phase 1. 

The Insurance Compact will hold a Public Hearing for these Uniform Standards during the Management Committee teleconference scheduled for Monday, July 28th.  The final action on these amendments is anticipated during the next in-person meeting of the Insurance Compact scheduled for August 15th in Louisville, KY.

So as you head out to the beach and before you set your "Out of Office" message, to include submitting a Note to Reviewer for each of your filings indicating when you will be out of the office, you may want to review the proposed amendments detailed in the Transmittal Memo.  If you would like to submit any comments, we would ask that they are submitted in writing via either electronic mail to Comments@insurancecompact.org or postal mail to the address below. 

If you have any questions about the amendments or the Weekly Tip, please contact the Insurance Compact's office.