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Subject Matter of Rule: The purpose of this rule is to establish reasonable uniform standards for Individual Joint Last to Die Survivorship Flexible Premium Adjustable Life products filed with the Interstate Insurance Product Regulation Commission (“Commission”). A Flexible Premium Adjustable Life policy allows the owner to vary the amount and/or timing of premium payments and may allow the owner to adjust the amount of insurance. As survivorship coverage the policy provides that the death benefit is payable upon the death of the last surviving insured to die. The policy provides for an optionally paid “planned” premium selected by the owner, and may provide more than one death benefit option (for example, the Specified Amount, the Specified Amount plus Account Value and the Specified Amount plus Return of Premium). The policy operates with a monthly deduction (which includes the cost of insurance and other charges) being deducted from the account value of the policy. Monthly deductions continue until the value is insufficient to cover the current monthly deduction due. The policy then terminates, subject to a grace period of at least 60 days.

Comparison Version Highlighting the Conforming Amendments

Date Approved by Management Committee: December 8, 2006

Date Adopted by Commission: December 8, 2006

Effective Date of Rule: April 5, 2007

Original Version: Individual Joint Last to Die Survivorship Flexible Premium Adjustable Life Insurance Policy Standards

Date Amended Version Approved by the Management Committee: June 1, 2007

Date Amended Version Adopted by Commission: June 1, 2007

Effective Date of Amended Rule: September 30, 2007

Link to Comments submitted by members and the public:

Click to Expand Amendments to Uniform Standards
Click to Expand Amendments Adopted August 2008

Date Amendment Approved by Management Committee: August 25, 2008

Date Amendment Adopted by Commission: August 27, 2008

Effective Date of Amendment to Rule: December 14, 2008

Information Regarding the Amendment to the Standards:

Name of Proposed Rule: Amendments to Actuarial Memorandum Requirements Section

Subject Matter of Proposed Rule: The purpose of this rule is to amend the individual life insurance policy standards to relocate existing submission requirements related to the actuarial memorandum into a separate, independent section of the standards.  The objective of this amendment is to improve compliance with the actuarial submission requirements in product filings received by the Interstate Insurance Product Regulation Commission (“IIPRC”) and to simplify the product review and approval process.

Citation to Published Notices:  Notice of this Rule was published on May 1, 2008.

Link to Comments submitted by members and the public: No Comments Submitted

Name of Proposed Rule: Amendment Regarding Underwriting Exclusions

Subject Matter of Proposed Rule:  The purpose of this rule is to amend the Exclusions section of certain uniform standards. The amendment concerns the method of adding exclusions to a policy such that addition by policy amendment would be permitted, along with the existing methods of rider and endorsement. This amendment would also permit exclusions on the basis of foreign travel and foreign residency, subject to applicable law in the state where the policy is delivered or issued for delivery and subject to the general requirements for adding such exclusions. The amendment also prohibits excluding death benefits on the basis of risk of death as a result of war or activities of military service for applicants identified as members of the military in the application. The general requirements for adding exclusions are provided in the Standards for Forms Used to Exclude Policy Coverage Based on the Underwriting Process and the applicable individual policy standards.

Citation to Published Notices:  Notice of this Rule was published on June 6, 2008. 

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

Additional Amendment Proposed by the Product Standards Committee
Memo regarding Additional Amendment Proposed by the Product Standards Committee

Click to Expand 5-Year Review Amendments Adopted August 2014

Date Amendment Approved by Management Committee: August 15, 2014

Date Amendment Adopted by Commission: August 15, 2014

Effective Date of Amendment to Rule: December 4, 2014

Information Regarding the 5-Year Review Amendments to the Standards:

Name of Proposed Rule: Amendments to Individual Joint Last to Die Survivorship Flexible Premium Adjustable Life Insurance Policy Standards

Subject Matter of Proposed Rule: The purpose of this amendment is to revise the STDNAME in accordance with the 5-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 5-year review process limit the scope of review under Section 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 May 12, 2014

Name of persons requesting Public Hearing:

Date and Location of Public Hearing, if any: Monday, July 28th during the teleconference of the IIPRC Management Committee. Please reference the Event Calendar for more details.

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 July 14, 2014. Written requests for a public hearing must be received no later than June 1, 2014.

Report and Recommendations:

Link to Comments submitted by members and the public:

Click to Expand War Exclusion Amendment Adopted August 2016

Redline Version of Adopted Standard: Proposed War Exclusion Amendments

Subject Matter of Proposed Rule: The purpose of this rule is to amend the Exclusions subsection of Section 3 Policy Provisions of certain Uniform Standards. The amendment deletes Subsection (1)(a)(ii) of the war exclusion provision. The amendment eliminates confusion and further clarifies that the Uniform Standards do not permit life insurance policies to contain a death benefit exclusion for known members of the military that die as a result of any act related to military service. Additionally, the term “United States” will be added to Subsection (1)(a)( i) to clarify that this prohibition on war exclusions applies to members of the United States military, military reserves or the National Guard and not members of the military of another nation.

Citation to Published Notices: Notice of this rule was published on May 31, 2016.

Name of Persons Requesting Public Hearing:

Date and Location of Public Hearing, if any: June 29, 2016 during the Joint Management Committee and Commission teleconference. Please reference the Event Calendar for more details.

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 August 1, 2016. Written requests for a public hearing must be received no later than June 20, 2016

Date Approved by Management Committee: August 25, 2016

Date Adopted by Commission: August 25, 2016

Effective Date of Rule: December 5, 2016

Memos from Product Standards Committee:

Transmittal Memo

Link to Comments submitted by members and the public:

Connecticut Insurance Department’s Request to Amend the War Exclusion Provision in IIPRC Uniform Standards for Life Insurance Products, dated March 1, 2016 
Commissioner Cunningham’s Response to Connecticut’s Request dated March 4, 2016