tag:blogger.com,1999:blog-3262712720684195661.post8074590693238145414..comments2023-10-09T12:45:08.283-04:00Comments on The Insurance Bellwether™: Commissioners Delay Annuity Rider Termination Proposal to Ensure Consumer RightsJim Connollyhttp://www.blogger.com/profile/10197210965915551968noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3262712720684195661.post-22679760048408257802010-02-03T20:20:56.933-05:002010-02-03T20:20:56.933-05:00Thanks for your question. I wanted to know the ans...Thanks for your question. I wanted to know the answer as much as you did. Karen Schutter, the IIPRC’s executive director was good enough to explain how the proposed standards would apply. <br />According to Schutter, “The draft Guaranteed Living Benefit Uniform Standards are currently in the Commission's rulemaking process. They only become effective after adoption and a 90-day promulgation period. The Uniform Standards only apply to new products and riders filed with and approved by the Commission.<br />“The Uniform Standard allows for the guaranteed feature to be offered in a base annuity policy or in a rider to a previously-approved IIPRC approved policy or a previously approved compacting state-approved policy under mix and match. The standards will apply prospectively though policyholders can purchase IIPRC-approved riders that can attach to existing state-approved or IIPRC approved policies.<br />So, “The standard would apply to new product and new riders. However, the new riders can be mixed and matched with previously approved state-approved products as well as previously approved IIPRC base annuity policies.”<br />Schutter says that “it is hard to say when a vote could take place -- either at the next joint conference call on February 22nd or at the March 25th Denver meeting.”Jim Connollyhttps://www.blogger.com/profile/10197210965915551968noreply@blogger.comtag:blogger.com,1999:blog-3262712720684195661.post-89819582271166804752010-01-31T01:51:20.660-05:002010-01-31T01:51:20.660-05:00Is this for new contracts, or would it apply to co...Is this for new contracts, or would it apply to contracts already in force, retroactively?Anonymousnoreply@blogger.com