News

Is your company intently awaiting the ability to file a Registered Index-Linked Annuity under the newly adopted Uniform Standards? Here are some key dates to incorporate into your plan.

•    May 28^th - Notice of any state's intent to opt out of the standards due and published on Compact website
•    May 31^st - Earliest date for contract filing to be submitted in SERFF
•    August 12^th - Standards effective date and earliest date of contract filing disposition

The Commission adopted the Standards for Individual Deferred Index Linked Variable Annuity Contracts (ILVA), also known as RILA contracts, in late April. The Commission also adopted amendments to the Additional Standards for Market Value Adjustment Feature Provided Through a Separate Account to allow use with ILVA contracts. Both standards were published to the Record Adopted Standards page of the Compact’s website. Note: the MVA standard will be renamed to Additional Standards for Market Value Adjustment Feature for Modified Guaranteed Annuities and Index-Linked Variable Annuities once the amendments are effective.

Beginning on May 31^st, companies can submit forms under these uniform standards prior to the effective date of August 12^th with the understanding that a disposition will not be entered until the effective date of August 12th, at the earliest.  For the time being, these filings will not be eligible for expedited review.