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Subject Matter of Proposed Rule: The Standards For Individual Deferred Variable Annuity Contract Standards (the “Proposed Standards”) specify submission requirements, form requirements and contract provisions for individual deferred variable annuity contracts; applying to annuity contracts that provides for a single premium, modified single premium, fixed or flexible premium payments over the life of a contract or for a limited payment period, and that provides for funds to be held in separate accounts only or in separate and general accounts.

Citation to Published Notices:  Notice of this Rule was published on December 12, 2007.

Version Noticed Out for 60-day Public Comment

Name of persons requesting Public Hearing : Commissioner Jane Cline, Chair

Date and Location of Public Hearing, if any: February 25, 2008, via teleconference

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 February 10, 2008. Written requests for a public hearing must be received no later than January 1, 2008.

Date Approved by Management Committee: February 25, 2008 & April 28, 2008.  This Uniform Standard was referred back to the Product Standards Committee by the Commission on March 28 for further discussion and review.  The amended version (located below) was approved by the Management Committee on April 28.

Date Adopted by Commission: May 30, 2008

Effective Date of Rule: Sept. 11, 2008

Original Version: Core Standards for Individual Deferred Variable Annuity Contracts

Link to Comments submitted by members and the public: 
Comments from the Industry Advisory Committee
Industry Comments Inserted and Redlined
Amended Version of the Individual Deferred Variable Annuity Contract Standards

 

Click to Expand Amendments to Uniform Standards
Click to Expand Amendments Adopted March 2009

Information Regarding the Amendment to the Standards:

Date Amendments Approved by Management Committee: Monday, February 23, 2009

Date Amendments Adopted by Commission: Saturday, March 14, 2009

Effective Date of Amendments to the Rule: June 25, 2009

Name of Proposed Rule: Amendments to Core Standards for Individual Deferred Variable Annuity Contracts

Subject Matter of Proposed Rule: The purpose of this rule is to amend the Individual Deferred Variable Annuity Contract Standards. The amendments are to the Scope section, the Contract Guarantees and the Guidelines for Appendices A-1 and A-2 for Annuity Nonforfeiture Minimum Value Compliance for use with Individual Flexible Premium Deferred Variable Annuity products filed with the Interstate Insurance Product Regulation Commission. The amendments are intended to conform these standards with similar wording proposed in the Additional Standards for Bonus Benefits for Individual Deferred Variable Annuity Standards.

Citation to Published Notices:  Notice of this Rule was published on December 12, 2008.

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

Date and Location of Public Hearing, if any: Monday, February 23, 2009 via teleconference

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 February 10, 2009. Written requests for a public hearing must be received no later than January 1, 2009.

Link to Comments submitted by members and the public:

Click to Expand 5-Year Review Amendments Adopted November 2014

Date Amendment Approved by Management Committee: November 15, 2014

Date Amendment Adopted by Commission: November 15, 2014

Effective Date of Amendment to Rule: March 5, 2015

Information Regarding the 5-Year Review Amendments to the Standards:

Name of Proposed Rule: Amendments to Core Standards for Individual Deferred Variable Annuity Contracts

Subject Matter of Proposed Rule: The purpose of this amendment is to revise the Core Standards for Individual Deferred Variable Annuity Contracts in accordance with the 5-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 5-year review process limit the scope of review under Section 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.

Citation to Published Notices: Notice of this Rule was published on September 8, 2014.

Name of persons requesting Public Hearing:

Date and Location of Public Hearing, if any: Public hearing was held on October 20th during a Management Committee teleconference. 

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 November 7, 2014. Written requests for a public hearing must be received no later than September 28, 2014.

Report and Recommendations:

Link to Comments submitted by members and the public:

Click to Expand Amendments Adopted September 2017

Redlined Version of Adopted Standard

Name of Proposed Rule: Death Benefit Proceeds Amendment to Core Annuity Contract Uniform Standards

Subject Matter of Proposed Rule: The purpose of this rule is to amend the Contract Provisions section of certain Annuity Uniform Standards. This amendment adds a Death Benefit Proceeds provision to the core annuity Uniform Standards, similar to the provision in the life Uniform Standards. The proposal also adds a completed claim form and a completed request for redemption form to the requirements for due proof of death. See the Transmittal Memo for a more detailed description of the proposed amendments.

This rule would amend the following Uniform Standards:

INDIVIDUAL VARIABLE ANNUITY PRODUCT LINE
Core Standards for Individual Deferred Variable Annuity Contracts 
Individual Immediate Variable Annuity Contract Standards

INDIVIDUAL NON-VARIABLE ANNUITY PRODUCT LINE
Core Standards for Individual Deferred Non-Variable Annuity Contracts 
Individual Immediate Non-Variable Annuity Contract Standards

Citation to Published Notices: Notice of this rule was published on June 29, 2017

Name of Persons Requesting Public Hearing:

Date and Location of Public Hearing, if any: August 5, 2017, during the Joint Meeting of the Management Committee and Commission

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 August 28, 2017. Written requests for a public hearing must be received no later than July 19, 2017.

Date Approved by Management Committee: September 25, 2017

Date Adopted by Commission: September 25, 2017

Effective Date of Rule: January 8, 2018

Memos from Product Standards Committee:

Link to Comments Submitted to the Management Committee: