iiprcdiih11app

Name of Proposed Rule: Individual Disability Income Insurance Application Standards

Subject Matter of Proposed Rule: The Individual Disability Income Insurance Application Standards are intended to apply to paper, telephonic or electronic applications for coverage provided by insurance policy forms for disability income plans, buy-sell plans, key person plans and business overhead expense plans that are individually underwritten, including such plans that are marketed through employer and association sponsored groups (“multi-life” plans), as applicable. These standards are intended to apply to new business applications as well as applications used to request changes to existing policies. The company may submit one multi-purpose application to accommodate new business and all policy changes (conversion, reinstatement, suspension of coverage while in military service, exercise of guaranteed insurability option, plan changes, risk class improvements, addition of benefit feature, changes to existing benefit feature, etc.), submit separate applications for each purpose, or submit an application with any combination of purposes (new business and reinstatement only, all policy changes only, etc.).

Citation to Published Notices: Notice of this rule was published on April 29, 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 June 28, 2011. Written requests for a public hearing must be received no later than May 19, 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 Individual Disability Income Insurance Applications

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:

  • Montana
  • Connecticut