iiprcdiih11amend

Name of Proposed Rule: Standards for Riders, Endorsements or Amendments Used to Effect Individual Disability Income Insurance Policy Changes

Subject Matter of Proposed Rule: The Standards for Riders,  Endorsements or Amendments Used to Effect Individual Disability Income Insurance Policy Changes apply to riders, endorsements or amendments that are used to effect policy changes that have been requested by the owner for an individual disability income plan, buy-sell plan, key person plan or business overhead expense plan. Such policy change forms may be attached to the policy on the policy date of issue or after the policy date of issue. As used in these standards, “disability income” means disability income plans, buy-sell plans, key person plans and business overhead expense plans that are individually underwritten, including such plans that are marketed to employer and association sponsored groups (“multi-life” plans), as applicable.

Citation to Published Notices: Notice of this rule was published on July 1, 2011

Name of persons requesting Public Hearing:

Date and Location of Public Hearing, if any: Monday, September 26, 2011 via conference call.

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 30, 2011. Written requests for a public hearing must be received no later than July 21, 2011.

Date Approved by Management Committee:  September 26, 2011

Date Adopted by Commission: September 26, 2011

Effective Date of Rule: January 11, 2012

Original Version: Standards for Riders, Endorsements or Amendments Used to Effect Individual Disability Income Insurance Policy Changes

Memos from Product Standards Committee before recommendation:

Link to Comments submitted by members and the public:

States who have opted out of the Uniform Standards:

  • Connecticut
  • Montana