iiprcdiih11pol

Name of Proposed Rule: Standards for Individual Disability Income Insurance Policies

Subject Matter of Proposed Rule: The Standards for Individual Disability Income Insurance Policies shall apply to individual disability income insurance policies that are individually underwritten, including such plans that are marketed through employer and association sponsored groups (“multi-life” plans). The benefits provided may be short term, long term or combined short term and long term. As used in these standards, “disability income” means an individual insurance policy that provides a periodic income if the insured becomes Disabled, including such plans that are marketedthrough employer and association sponsored groups (“multi-life” plans). Separate additional standards will apply for buy-sell plans, key-person plans, and business overhead expense plans. Consult the Interstate Insurance Product Regulation Commission website to determine when these additional standards are available for filing.

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 Policies

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