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Subject Matter of Proposed Rule:  The Individual Annuity Application Standards (the "Proposed Standards) apply to paper, telephonic or electronic applications for coverage provided by individual annuity contract forms; and to new business applications as well as applications used to request changes to existing contracts.

Citation to Published Notices: Notice of this Rule was published on August 1, 2008.

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

Date and Location of Public Hearing, if any: October 27, 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 September 30 , 2008. Written requests for a public hearing must be received no later than August 21, 2008.

Date Approved by Management Committee: October 27, 2008

Date Adopted by Commission: October 29, 2008

Effective Date of Rule: February 12, 2009

Original Version: Individual Annuity Application Standards

Link to Comments submitted by members and the public:
Comments received by the Industry Advisory Committee

This rule has been amended.

Click to Expand Amendments to Uniform Standards
Click to Expand Amendments Adopted October 2008

Redline Version of Adopted Standard: Conforming Amendments to Individual Annuity Application Standards

Date Amendment Approved by Management committee: December 4, 2009

Date Amendment Adopted by Commission: December 28, 2009 by operation of the Operating Procedure for the Adoption of conforming Amendments to a Uniform Standard.

Effective Date of Rule: January 12, 2010

Information Regarding the Amendment to the Standards:

Subject Matter of Proposed Rule: The purpose is to amend the Individual Annuity Application Standards.  The Conforming Amendments would appear in Section 3 as a new Item G, “Agreement to Sell or Assign Contract for Which Application is Being Made” and would establish the ability for the application to inquire whether any party to the application has or plans to enter into any agreement to sell or assign ownership of a beneficial interest in the applied-for-contract, and whether any party to the application has ever sold, transferred or assigned an annuity contract, the amendment also permits the application to include a  notice regarding potential state-imposed limitations on the ability to sell, transfer or assign an annuity contract.  The remaining items in Section 3 would be re-numbered accordingly.

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

Name of persons requesting Public Hearing:None.

Date and Location of Public Hearing, if any: The Rule for the Adoption of Conforming Amendments does not establish a procedure for requesting a public hearing.

Status of Proposed Rule (including upcoming meetings): Adopted

Link to Comments submitted by members and the public: None

Click to Expand 5-Year Review Amendments Adopted November 2014

Redline Version of Adopted Standard: Amendments to Individual Annuity Application Standards

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:

Subject Matter of Proposed Rule: The purpose of this amendment is to revise the Individual Annuity Application 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: