iiprcliapp

Subject Matter of Rule:  The Individual Life Application Standards are intended to apply to paper, telephonic or electronic new business applications for coverage provided by individual life insurance policy forms.  These standards do not apply to applications for Credit Life Insurance.  These standards are not intended to apply to applications used for policy changes, such as conversion, reinstatement, exchange, re-qualification, or request to add benefits to an existing policy.

Citation to Published Notices: Notice of this Rule was published on November 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):  These standards have been issued for notice and comment.  Written comments will be accepted on these proposed new standards until January 23, 2007.  Written requests for a public hearing must be received no later than December 12, 2006. 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

Individual Life Insurance Application Standards adopted on February 28, 2007

Effective Date of Rule: May 31, 2007

Link to Comments submitted by members and the public:
National Fraternal Congress of America
Industry Advisory Committee

This rule has been amended.

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

Redline Version of Adopted Standard: Amendment to the Individual Life Application Standards

Date Amendment Approved by Management Committee: October 27, 2008

Date Amendment Adopted by Commission: October 29, 2008

Effective Date of Amendment to Rule: February 12, 2009

Information Regarding the Amendment to the Standards:

Subject Matter of Proposed Rule: The purpose of this rule is to amend the Individual Life Application standards to specify: information about the proposed insured's place of birth may be requested; requirements for authorizations for electronic instructions and delivery of information that must be included; under what circumstances information about the proposed insured's military service must be requested; multi-purpose applications are permissible and the conditions that are applicable to such filings; additional acknowledgments may be included in the filing for variable products, entity ownership and certain disclosure and receipt requirements; and the required notice regarding an agreement to sell or assign the policy must provide that state law may specify a certain time period restricting such agreement, rather than the two-year limitation in the originally adopted standards.

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

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

Date and Location of Public Hearing, if any: October 27, 2008 via teleconference

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 August 21, 2008. Written requests for a public hearing must be received no later than September 30, 2008.

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

Click to Expand 5-Year Review Amendments Adopted August 2014

Redline Version of Adopted Standard: Amendments to Individual Life Insurance Application Standards

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:

Subject Matter of Proposed Rule: The purpose of this amendment is to revise the Individual Life Insurance Application Standards 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. 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: