Briefing from the Insurance Compact Office on the PSC development process for the amendments to the Additional Standards for Qualifying Events for Waiver of Monthly Deductions Benefits and Additional Standards for Qualifying Events for Waiver of Premium Benefits and for the new Additional Standards for Waiver of Surrender Charge Benefit for Life Insurance

Review comments from ACLI and proposed changes to the amendments to the Additional Standards for Qualifying Events for Waiver of Monthly Deductions Benefits and Additional Standards for Qualifying Events for Waiver of Premium Benefits and for the new Additional Standards for Waiver of Surrender Charge Benefit for Life Insurance

Agenda

Continue review comments from ACLI and proposed changes to the amendments to the Additional Standards for Qualifying Events for Waiver of Monthly Deductions Benefits and Additional Standards for Qualifying Events for Waiver of Premium Benefits and for the new Additional Standards for Waiver of Surrender Charge Benefit for Life Insurance

Priority I: Uniform Standards States Support and Companies Willingly Use

Action Item 2: Provide wider and easy-to-follow public notice and detailed information with respect to Uniform Standards development for members, interested parties and constituents/ stakeholders.

Continue review comments from ACLI and proposed changes to the amendments to the Additional Standards for Qualifying Events for Waiver of Monthly Deductions Benefits and Additional Standards for Qualifying Events for Waiver of Premium Benefits and for the new Additional Standards for Waiver of Surrender Charge Benefit for Life Insurance

Comments from Oregon

Priority I: Uniform Standards States Support and Companies Willingly Use

Action Item 2: Provide wider and easy-to-follow public notice and detailed information with respect to Uniform Standards development for members, interested parties and constituents/ stakeholders.

Continue review comments from ACLI and proposed changes to the amendments to the Additional Standards for Qualifying Events for Waiver of Monthly Deductions Benefits and Additional Standards for Qualifying Events for Waiver of Premium Benefits and for the new Additional Standards for Waiver of Surrender Charge Benefit for Life Insurance

Priority I: Uniform Standards States Support and Companies Willingly Use

Action Item 2: Provide wider and easy-to-follow public notice and detailed information with respect to Uniform Standards development for members, interested parties and constituents/ stakeholders.

Further discussion:

Wider notices – Notices are sent to Compact members, the Advisory Councils and interested parties. Notices are posted on the Insurance Compact website.  What are some ways to increase who can get notices?  How do states handle public notices?

Easy to follow – Is providing a link to the draft standard and comments sufficient?

More detailed information – Call summaries are posted for PSC meetings, but there is no notice to the public that the call summaries are posted.  What are some ways to provide more detailed information during the process?

Continue review comments from ACLI and proposed changes to the amendments to the Additional Standards for Qualifying Events for Waiver of Monthly Deductions Benefits and Additional Standards for Qualifying Events for Waiver of Premium Benefits and for the new Additional Standards for Waiver of Surrender Charge Benefit for Life Insurance

Priority I: Uniform Standards States Support and Companies Willingly Use

 Action Item 2: Provide wider and easy-to-follow public notice and detailed information with respect to Uniform Standards development for members, interested parties and constituents/ stakeholders.