Illinois Now Accepting Variable Life and Annuity Product Filings Through Compact
Jan 18, 2012
Illinois Lifts Its Stay For All Uniform Standards Except One
The Interstate Insurance Product Regulation Commission (“IIPRC”) announced Illinois has lifted its stay of the effectiveness of the remaining Uniform Standards except for the Additional Standards for Market Value Adjustment (“MVA”) through Separate Accounts. Illinois has requested an additional 120-day stay of the effectiveness of this particular annuity benefit feature standard while it pursues possible legislative change.
“I commend the Illinois Department of Insurance for their diligent and collaborative approach to review and implement the Uniform Standards for all individual product lines,” said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. “This process has demonstrated the commitment of the Commission and its members to work with incoming member states to address possible concerns and achieve full implementation.”
“We appreciate the opportunity to work with our fellow regulators to clarify the scope and applicability of the adopted variable life and annuity Uniform Standards,” said Robert E. Wagner, Acting Illinois Director of Insurance. “We continue to work toward implementation of the remaining standard, which requires changes to current state law, and look forward to continued collaboration with our fellow Compacting States.”
For all product filings including variable life and annuity, registered companies can include Illinois on new, pending and previously-approved product filings other than products that have a MVA through Separate Accounts. On a related note, the IIPRC published Filing Information Notice 2011-1, which provides steps and clarifications for filing and review of certain variable life and annuity product filings under the applicable Uniform Standards.
Should you have any questions or comments, please contact Colodny Fass.