The Show Me State has decided it may not apply one of the annuity standards developed by the Interstate Insurance Product Regulation Commission.
The Missouri Department of Insurance, Financial Institutions and Professional Registration has officially notified the IIPRC of plans to opt out of an annuity standard that applies to a “Market Value Adjustment Feature Provided Through the General Account.”
The IIPRC responded by establishing a 90-day stay while Missouri goes through the regulatory opt-out process. The stay started Sept. 14.
“Missouri has not opted out of any other Uniform Standards and, except for this limited annuity benefit feature, it will accept the full suite of individual life and annuity forms available for filing with the IIPRC, including the Additional Standards for Market Value Adjustment Feature Provided through the Separate Account,” IIPRC officials say.
“Missouri’s opt out does not affect the effectiveness of the General Account MVA Standard in any other compacting state,” officials say.