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NAIC Panel Review Individual Disability Standards

By Allison Bell

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A subgroup at the National Association of Insurance Commissioners will be holding a conference call on the rules that govern individual disability insurance policies, riders and applications.

The National Standards Working Group, part of the Executive Committee at the NAIC, Kansas City, Mo., plans to hold a disability income subgroup call June 8.

The working group develops national standards for products that could be handled by the Interstate Insurance Product Regulation Commission, the body that runs the Interstate Insurance Product Regulation Compact.

The IIPRC tries to help insurers streamline the process of filing new product applications and other forms, by providing one office where an insurer can submit a filing for approval by all of the states that participate in the compact.

The disability income subgroup is considering brief changes in the wording of the NAIC’s core individual disability policy standards, the standards for individual disability riders and amendments, the standards for individual disability insurance outlines of coverage, and several other related standards.

In several place, the working group may change standards to state that the standards apply to “multi-life plans,” according to drafts posted on the working group’s section of the NAIC website.