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October 07, 2009 at 08:00 PM
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.
