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Subject Matter of Proposed Rule:  The Additional Standards for Guaranteed Living Benefits for Individual Deferred Non-Variable Annuities (the “Proposed Standards”) apply to guaranteed living benefits (GLB) that are built into individual deferred non-variable annuity contracts (including index-linked annuities) 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 Non-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 01/05/2010
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 Non-Variable Annuities

Subject Matter of Proposed Rule: The Additional Standards for Guaranteed Living Benefits for Individual Deferred Non-Variable Annuities (the “Proposed Standards”) apply to guaranteed living benefits (GLB) that are built into individual deferred non-variable annuity contracts (including index-linked annuities) 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: