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Subject Matter of Proposed Rule:  The Additional Standards For Graded Death Benefit for Individual Whole Life Insurance Policies (the “Proposed Standards”) specify additional submission requirements concerning early duration reduced death benefits where the period during which benefits for death from natural causes are reduced relative to some ultimate amount is not more than three years; applying to benefits that are built-in to whole life insurance policies or added to such policy forms by rider, amendment or endorsement.

Citation to Published Notices: Notice of this rule was published on August 6, 2010.

Name of persons requesting Public Hearing : Director Mary Jo Hudson, Chair

Date and Location of Public Hearing, if any: October 17, 2010, 1:00 ET at the Gaylord Palms Resort & Convention Center, 6000 W. Osceola Pkwy, Kissimmee, FL 34746-4414

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 October 5, 2010. Written requests for a public hearing must be received no later than August 26, 2010.

Date Approved by Management Committee: October 17, 2010

Date Adopted by Commission: October 17, 2010

Effective Date of Rule: January 15, 2011

Original Version: Additional Standards for Graded Death Benefit for Individual Whole 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 Graded Death Benefits for Individual Whole Life Uniform Standards

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: