Interstate Compact National Standards (EX) Working Group
December 2, 2007
The Interstate Compact National Standards (EX) Working Group met on Sunday, Dec. 2, 2007.
During this meeting, the Working Group:
- Received an update on changes to the process and function of the working group. The working group will no longer adopt standards completed by the Subgroups. Instead, he Subgroups will be reporting completed standards directly to the IIPRC.
- Received a report from John Rink (NE), Chair of the Disability Subgroup, on its development of application standards. The Subgroup continues to make progress. The next call is scheduled for December 17, 2007.
- Received a report from the Annuities Subgroup on its work. Brad Harker (PA) chairs this Subgroup. The Subgroup has been working on “core” standards to which different product features can be added. The Subgroup has forwarded several standards to the IIPRC Product Standards Committee including the Individual Immediate Variable Annuity Contract Standards, Individual Deferred Variable Annuity Contract Standards, and the Individual Deferred Non-Variable Annuity Contract Standards. The Subgroup also forwarded a benefit feature – the Indexed-Linked Crediting Feature – for the core Individual Deferred Non-Variable Annuity Contract Standards. The Subgroup is currently working on the Individual Immediate Non-Variable Annuity Contract Standards. It hopes to finish work on these standards during its next call on Dec. 12, 2007.
- Received a report from Peg Ising (OH), Chair of the Long-Term Care Subgroup. The LTC Subgroup is making progress toward the completion of initial rate standards. The next call is scheduled for December 18, 2007.
- Received a report from the Life Subgroup on its development of standards. Malinda Shepherd (KY) chairs the Subgroup. The Subgroup has forwarded one standard to the IIPRC Product Standards Committee – the Mortality Table Change Standards. The Subgroup's next scheduled conference call is Wednesday, Dec. 19, 2007 at 10 a.m. Eastern. On this call the Subgroup will continue working on the Standards for Forms Used to Provide Tax Qualified Plan Provisions and, perhaps, begin work on the Standards for Forms Used to Effect Policy Changes.
Action Items:
None