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Name of Proposed Rule: Additional Standards for Incidental Guaranteed Minimum Death Benefits for Individual Deferred Non-Variable Annuities

Subject Matter of Proposed Rule: Additional Standards for Incidental Guaranteed Minimum Death Benefits for Individual Deferred Non-Variable apply to Incidental Guaranteed Minimum Death Benefits (GMDB) that are built into individual deferred non-variable annuity contracts or added to such contracts by rider, endorsement or amendment. An Incidental GMDB provides for death benefits that may exceed the account value at time of death and is subject to the definition below. Forms that provide GMDB in excess of these incidental designs shall not be submitted under these standards.

Citation to Published Notices: Notice of this rule was published on May 23, 2013

Name of persons requesting Public Hearing:

Date and Location of Public Hearing, if any: Monday, July 22 via teleconference during the joint meeting of the Management Committee and Commission.  Please reference the Event Calendar for more details.

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 May 11, 2013. Written requests for a public hearing must be received no later than April 1, 2013.

Date Approved by Management Committee: December 14, 2013

Date Adopted by Commission: December 14, 2013

Effective Date of Rule: April 2, 2014

Link to Comments submitted by members and the public:
Comments submitted by Life Insurance Company of the Southwest – June 10th, 2013
Comments submitted by Jason Wade, Ohio Department of Insurance – June 24th, 2013
Comments submitted by Members of the Industry Advisory Committee – August 7th, 2013 
Product Standards Committee and Actuarial Working Group Recommendations on Public Comments To Management Committee on Incidental GMDB Uniform Standards
Supporting Materials Memo
Transmittal Memo for Group Term Life Insurance Standards for Accelerated Death Benefits and Additional Standards for Incidental Guaranteed Minimum Death Benefits for Individual Non-Variable Deferred Annuities