Milliman: Proposed guideline could change ROP term

With ROP term gaining popularity, the Interstate Insurance Product Regulation Commission (Interstate Compact) began to set up filing guidelines to assist in expediting approval of this type of product.

The thirty-one states participating in the Interstate Compact (as of July 1, 2008) agree on the required guidelines for approving any product filing. The group setting up the ROP guidelines has been meeting throughout 2008, and has come to their initial recommendation.

The recommendation involves some interpretation of the nonforfeiture law, and this is where the change lies.

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