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Subject Matter of Rule: The Additional Standards for Private Placement Plans for Individual Variable Adjustable Life Insurance Policies (the “Proposed Standards”) specify additional submission requirements for benefits that are built into individual variable adjustable life insurance policies, that are issued exclusively to an accredited investor or qualified purchaser, and that vary in relation to the performance of an underlying separate account where the investment funds in the private placement separate account may be exempt from registration with the SEC.

Citation to Published Notices: Notice of this rule was published on January 5, 2011

Name of persons requesting Public Hearing: Commissioner Roger Sevigny, New Hampshire

Date and Location of Public Hearing, if any: March 25, 2011 Joint Meeting of the Management Committee and Commission in Austin, TX

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 March 6, 2011. Written requests for a public hearing must be received no later than January 25, 2011.

Date Approved by Management Committee: March 25, 2011

Date Adopted by Commission: March 25, 2011

Effective Date of Rule: July 3, 2011

Original Version: Additional Standards for Private Placement Plans for Individual Variable Adjustable Life Insurance Policies

Memos from the Product Standards Committee:

Link to Comments submitted by members and the public:

This rule has been amended.

Click to Expand Amendments to Uniform Standards
Click to Expand 5-Year Review Amendments Adopted August 2017

Redlined Version of Adopted Standard: Additional Standards for Private Placement Plans for Individual Variable Adjustable Life Insurance Policies

Subject Matter of Proposed Rule: The purpose of these amendments is to revise the Operating Procedures and Uniform Standards effective between January 1, 2011 and July 1, 2011 in accordance with the Five-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 Five-Year Review process limit the scope of review under §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.” See the Transmittal Memo for a more detailed description of the proposed amendments.

Citation to Published Notices: Notice of this rule was published on March 23, 2017

Name of Persons Requesting Public Hearing:

Date and Location of Public Hearing, if any: June 26, 2017 at 1:30 pm ET / 12:30 pm CT via teleconference

Status of Proposed Rule (including Upcoming Meetings): The Proposed Amendments have been issued for notice and comment. Written comments will be accepted on the Proposed Standards until May 22, 2017. Written requests for a public hearing must be received no later than April 12, 2017.

Date Amendment Approved by Management Committee: August 5, 2017

Date Amendment Adopted by Commission: August 5, 2017

Effective Date of Rule: November 20, 2017

Memos from Product Standards Committee:

Link to Comments Submitted by Members and the Public: