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Subject Matter of Proposed Rule: The Individual Deferred Paid-Up Non-Variable Annuity Contract Standards (the “Proposed Standards”) specify submission requirements for individual deferred non-variable annuities with no cash surrender values prior to the commencement of annuity payments for a single premium or flexible premiums over the deferral period of the contract and specified income payments beginning on a specified income commencement date for each premium paid; applying to benefits that are built-in to deferred non-variable annuity contracts or added to such contract forms by rider, amendment or endorsement.

Citation to Published Notices: Notice of this rule was published on August 6, 2010.

Name of persons requesting Public Hearing : Director Mary Jo Hudson, Chair

Date and Location of Public Hearing, if any: October 17, 2010, 1:00 ET at the Gaylord Palms Resort & Convention Center, 6000 W. Osceola Pkwy, Kissimmee, FL 34746-4414

Status of Proposed Rule (including upcoming meetings): The Proposed Standards have been issued for notice and comment. Written comments will be accepted on the Proposed Standards until October 5, 2010. Written requests for a public hearing must be received no later than August 26, 2010.

Date Approved by Management Committee: October 17, 2010

Date Adopted by Commission: October 17, 2010

Effective Date of Rule: January 15, 2011

Original Version: Individual Deferred Paid-Up Non-Variable Annuity Contract Standards (Commonly Marketed as Longevity Standards)

Link to Comments submitted by members and the public:

This rule has been amended.

Click to Expand Amendments to Uniform Standards
Click to Expand 5-Year Review Amendments Adopted August 2017

Redlined Version of Adopted Standard: Individual Deferred Paid-Up Non-Variable Annuity Contract Standards (Commonly Marketed as Longevity Annuities)

Subject Matter of Proposed Rule: The purpose of these amendments is to revise the Operating Procedures and Uniform Standards effective between January 1, 2011 and July 1, 2011 in accordance with the Five-Year Commission Review of Rules required by §119 of the Rule for the Adoption, Amendment and Repeal of Rules for the Interstate Insurance Product Regulation Commission. The procedures adopted by the Management Committee in March 2012 for implementing the Five-Year Review process limit the scope of review under §119 to identifying “the need for continuation, repeal or amendment of the rule based primarily on whether circumstances or underlying assumptions have changed since the last time the rule was adopted, amended or reviewed.” See the Transmittal Memo for a more detailed description of the proposed amendments.

Citation to Published Notices: Notice of this rule was published on March 23, 2017

Name of Persons Requesting Public Hearing:

Date and Location of Public Hearing, if any: June 26, 2017 at 1:30 pm ET / 12:30 pm CT via teleconference

Status of Proposed Rule (including Upcoming Meetings): The Proposed Amendments have been issued for notice and comment. Written comments will be accepted on the Proposed Standards until May 22, 2017. Written requests for a public hearing must be received no later than April 12, 2017.

Date Amendment Approved by Management Committee: August 5, 2017

Date Amendment Adopted by Commission: August 5, 2017

Effective Date of Rule: November 20, 2017

Memos from Product Standards Committee:

Link to Comments Submitted by Members and the Public: