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Subject Matter of Proposed Rule: The Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities (the “Proposed Standards”) apply to guaranteed living benefits (GLB) that are built into individual deferred variable annuity contracts or added to such contracts by rider, endorsement or amendment. The GLB feature provides for a minimum guarantee under specified conditions for any of the following: (1) periodic withdrawals; (2) the annuitization amount and related annual income amount; or (3) the account value after a specified period of time. 

Citation to Published Notices: Notice of this rule was published on October 29, 2009.

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

Date and Location of Public Hearing, if any: Friday, December 4, 2009 at 12:30 pm PT at the Hilton San Francisco Union Square, 333 O'Farrell Street, San Francisco, CA 94102 - Meeting Room: Grand Salon A - Grand Ballroom Level

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 December 28, 2009. Written requests for a public hearing must be received no later than November 18, 2009.

Date Approved by Management Committee: February 22, 2010

Date Adopted by Commission: February 22, 2010

Effective Date of Rule: June 3, 2010

Original Version of Standard: Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities

Link to Comments submitted by members and the public: 
Comments from Birny Birnbaum submitted 10/23/09
Comments from LISA submitted during 10/13/09 Product Standards Committee Conference Call
Comments from LISA submitted during 10/26/09 Management Committee Conference Call
Comments from the ACLI submitted during 10/13/09 Product Standards Committee Conference Call
Comments from LISA submitted 12/02/09
Comments from Brad Harker (PA), Chair of the NAIC NSWG Annuity Subgroup, submitted 12/03/09 
Comments from State Representative Robert R. Damron (KY), IIPRC Legislative Committee Chair, submitted 12/04/2009 
Summary of Industry Advisory Comments from 12/4 Public Hearing
Comment from Bruce Ramge, Deputy Director, Nebraska Department of Insurance
Comments from Industry Advisory Committee submitted 1/05/2010
Comments from American Academy of Actuaries submitted 01/06/10
Comments from Life Insurance Settlement Association submitted 2/5/2010
Transmittal Memo from Product Standards Committee – February 22, 2010 
Transmittal Memo from Product Standards Committee – October 13, 2009

This rule has been amended.

Click to Expand Amendments to Uniform Standards
Click to Expand 5-Year Review Amendments Adopted June 2016

Redline Version of Adopted Standard: Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities

Subject Matter of Proposed Rule: The Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities apply to guaranteed living benefits (GLB) that are built into individual deferred variable annuity contracts or added to such contracts by rider, endorsement or amendment. The GLB feature provides for a minimum guarantee under specified conditions for any of the following: (1) periodic withdrawals (Guaranteed Minimum Withdrawal Benefit); (2) the annuitization amount and related annual income amount (Guaranteed Minimum Income Benefit); or (3) the account value after a specified period of time (Guaranteed Minimum Accumulation Benefit).

Citation to Published Notices: Notice of this rule was published on December 9, 2015

Name of persons requesting Public Hearing:

Date and Location of Public Hearing, if any: February 24, 2016 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 8, 2016. Written requests for a public hearing must be received no later than December 29, 2015.

Date Approved by Management Committee: May 23, 2016

Date Adopted by Commission: June 29, 2016

Effective Date of Rule: October 17, 2016

Memos from Product Standards Committee:

Link to Comments submitted by members and the public: