iiprcdiih11rate

Name of Proposed Rule: Standards for Initial Rate Filings for Individual Disablity Income Insurance Policies

Subject Matter of Proposed Rule: The Standards for Initial Rate Filings for Individual Disability Income Insurance Policies shall apply to insurance policies, riders, endorsements and amendments for disability income plans, buy-sell plans, key person plans and business overhead expense plans that are individually underwritten, including such policies 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. These standards shall also apply to policy forms for which rates are being revised only for new business to be issued on or after the effective date of the rate filing. The filings shall specify what the term “new business” includes, such as new policies to be issued on or after the effective date of the rate filing, additional benefits added to policies that were issued before the effective date of the rate filing, etc. As used in these standards “disability income” means disability income plans, buy-sell plans, key person plans and business overhead expense plans, including multi-life plans, as applicable.

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 Initial Rate Filings 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