iiprcl08lbiwpbchild

Subject Matter of Rule: The Standards for Waiver of Premium Benefit for Child Insurance in the Event of Payor’s Total Disability or Death provide for premiums due for an insured child under an individual life insurance policy to be waived in the event of the payor’s total disability or death under the terms of the policy.  The Standards apply to this benefit feature whether the feature is added to a policy by rider, endorsement, amendment or incorporation into a policy form.  The Standards include required and optional provisions for the benefit, such as any applicable exclusions, incontestability, misstatement of payor’s age, reinstatement, and termination.

Citation to Published Notices: Notice of this Rule was published on December 22, 2006.

Name of persons requesting Public Hearing Industry Advisory Committee

Date and Location of Public Hearing, if any: February 23, 2007, 12:30 CT/1:30 ET via conference call

Status of Rule (including upcoming meetings):  This operating procedure has been issued for notice and comment.  Written comments will be accepted on this proposed new operating procedure until February 20, 2007.  Written requests for a public hearing must be received no later than January 11, 2007.A public hearing to receive comments is scheduled for February 23, 2007. This proposed rule may be considered at a Management Committee meeting via conference call scheduled for February 26, 2007 and a Commission meeting via conference call scheduled for February 28, 2007. No further action is necessary on this Proposed Rule.

Date Approved by Management Committee: February 26, 2007 (Explanatory Statement)

Date Adopted by Commission: February 28, 2007

Effective Date of Rule: May 31, 2007

Original Version: Standards for Waiver of Premium Benefit for Child Insurance in the Event of Payor’s Total Disability or Death

Link to Comments submitted by members and the public:
Industry Advisory Committee

This rule has been amended.

Click to Expand Amendments to Uniform Standards
Click to Expand 5-Year Review Amendments Adopted April 2016

Name of Proposed Rule: Standards for Waiver of Premium Benefit for Child Insurance in the Event of Payor's Total Disability or Death

Subject Matter of Proposed Rule: The Standards for Waiver of Premium Benefit for Child Insurance in the Event of Payor's Total Disability or Death (the “Proposed Standards”) apply to the benefit feature whether added to an individual life insurance policy by rider, endorsement or amendment. These Standards provide for premiums due for an insured child under an individual life insurance policy to be waived in the event of the payor’s total disability or death under the terms of the policy.

Citation to Published Notices: Notice of this rule was published on December 9, 2015

Name of persons requesting Public Hearing:

Date and Location of Public Hearing, if any: Via teleconference, February 24, 2016

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 February 8, 2016. Written requests for a public hearing must be received no later than December 29, 2015.

Date Amended Version Approved by the Management Committee: April 2, 2016

Date Amended Version Adopted by Commission: April 2, 2016

Effective Date of Amended Rule: July 18, 2016

Memos from Product Standards Committee:

Link to Comments submitted by members and the public: