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Subject Matter of Proposed Rule:  The Standards For Individual Immediate Variable Annuity Contract (the “Proposed Standards”) specify submission requirements, form requirements and contract provisions for individual life contingent immediate variable annuity, both with or without a period certain, that provide for a single premium payment, and that provide 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 February 15, 2008.

Version Noticed Out for 60-day Public Comment

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

Date and Location of Public Hearing, if any: April 28, 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 April 15, 2008. Written requests for a public hearing must be received no later than March 6, 2008.

Date Approved by Management Committee: April 28, 2008

Date Adopted by Commission: May 30, 2008

Effective Date of Rule: September 11, 2008

Link to Comments submitted by members and the public: 
Industry Advisory comments on Individual Immediate Variable Annuity Contract Standards and Non-Variable Annuity Contract Standards

Click to Expand Amendments to Uniform Standards
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 Individual Immediate Variable Annuity Contract Standards

Subject Matter of Proposed Rule: The purpose of this amendment is to revise the Individual Immediate Variable Annuity Contract Standards 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: