Members of the Interstate Insurance Product Regulation Commission have adopted 3 uniform standards for annuity and life insurance benefit features.
The IIPRC is a body created by the National Association of Insurance Commissioners, Kansas City, Mo., that oversees an operation that takes in insurance company filings for 33 participating jurisdictions.
IIPRC members voted at the NAIC’s spring meeting in San Diego to approve more standards for bonus benefits for individual deferred variable annuity contracts; more standards for intermediate period endowment benefit features for individual life insurance policies, including return-of-premium policies; and more standards for index-linked crediting benefit features for individual flexible-premium adjustable life insurance policies.
The standards will give the IIPRC the ability to accept more insurance company filings.
In related news, the IIPRC says that Mississippi lawmakers have sent the state’s governor a bill that could make the state the 34th IIPRC member.