iiprcab02iindex

Subject Matter of Proposed Rule:  The Additional Standards for Index-Linked Payment Adjustment Benefit (the "Proposed Standards) apply to index-linked annuity payment adjustment benefits that are built-in to individual immediate non-variable annuity contracts or are added to such contracts at issue by rider, amendment or endorsement. These standards apply to any adjustments to annuity payments that are triggered by a change in an index one or more times during the life of the contract; applying to adjustments that are either built into the contract or added by rider, endorsement or amendment.

Citation to Published Notices:  Notice of this Rule was published on June 6, 2008.

Name of persons requesting Public Hearing : Commissioner Glen Wilson

Date and Location of Public Hearing, if any: August 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 August 5, 2008. Written requests for a public hearing must be received no later than June 26, 2008.

Date Approved by Management Committee: Monday, August 25, 2008

Date Adopted by Commission: August 27, 2008

Effective Date of Rule: December 14, 2008

Link to Comments submitted by members and the public:

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 Additional Standards for Index-Linked Payment Adjustment Benefit

Subject Matter of Proposed Rule: The purpose of this amendment is to revise the Additional Standards for Index-Linked Payment Adjustment Benefit 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: