About the IIPRC

The Interstate Insurance Compact (“Compact”) is an important modernization initiative that benefits
state insurance regulators, consumers, and the insurance industry.


IIPRC

Compact History

Commission Member States

IIPRC Officers and Management Committee

Legislative Committee


Information Regarding Non-Compacting States

Florida


Member Committees

Actuarial Working Group

Audit Committee

Communications Committee

Finance Committee

Product Standards Committee

Rulemaking Committee

Technology Committee


Advisory Committees

Consumer Advisory Committee

Industry Advisory Committee


Links

National Association of Insurance Commissioners

National Conference of State Legislatures (NCSL)

National Conference of Insurance Legislators (NCOIL)

Information on Interstate Compacts

Introduction

The Compact enhances the efficiency and effectiveness of the way insurance products are filed, reviewed, and approved allowing consumers to have faster access to competitive insurance products in an ever-changing global marketplace. The Compact promotes uniformity through application of uniform product standards embedded with strong consumer protections.

The Compact established a multi-state public entity, the Interstate Insurance Product Regulation Commission (IIPRC) which serves as an instrumentality of the Member States. The IIPRC serves as a central point of electronic filing for certain insurance products, including life insurance, annuities, disability income, and long-term care insurance to develop uniform product standards, affording a high level of protection to purchasers of asset protection insurance products.

The Compact is good news for both consumers and insurers. Consumer protection is the hallmark of the state-based regulatory system. Insurers may continue to rely on the extensive expertise of the states in reviewing complex products. State insurance regulators believe the state-based IIPRC is the preferred solution to enhance speed-to-market efficiencies while continuing to provide insurance consumers with strong and established protections.

Since meeting its operational threshold in May 2006, the IIPRC now has 45 Member States representing over 70% of the premium volume nationwide. The Management Committee Members currently include the six largest Compacting States according to premium volume: Texas, Pennsylvania, New Jersey, Illinois, Ohio, and Michigan; four states with at least 2% of the premium volume: Massachusetts, Missouri, Virginia, and Wisconsin; and one additional state from each of four regional zones, Idaho, Maine, Mississippi and Oklahoma. Additional Members of the Compact include: Alabama, Alaska, Arkansas, Arizona, Colorado, Connecticut, Georgia, Hawaii, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Oregon, Puerto Rico, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Washington, West Virginia, and Wyoming.

The following provides a highlight of achievements and outlines continuing plans of the IIPRC.

June 2006:
Inaugural Meeting of IIPRC in Washington, DC. Under the motto banner of "States, Strength and Speed Aligned," the IIPRC Members reaffirmed their commitment to modernize state-based insurance regulation to meet the needs of the evolving global insurance marketplace while continuing to uphold strong consumer protections.

July through December 2006:
The IIPRC established its operational foundation through extensive consultations with regulators, legislative representatives, consumers, and industry in developing and adopting the Bylaws. The IIPRC held the First Annual IIPRC Meeting in Lansdowne, VA. The first Uniform Standards were adopted within the initial six (6) months of operation The IIPRC Legislative Committee named its leadership and worked as an active partner to oversee the progress of the IIPRC.

2007:
The IIPRC hired staff and elected Officers from West Virginia, Michigan and Minnesota. Updates to the System for Electronic Rate and Form Filing (SERFF) were completed to allow companies to electronically file their products with the IIPRC, including electronic payment of Member State fees. Eleven (11) individual life Uniform Standards were in effect for June. The IIPRC seconded an interim product filing examiner from a Member State to review Compact filings. Upon adopting the “Product Filing Rule,” the IIPRC opened for business and received the first product filings by insurers on target with the mid-2007 time frame. The IIPRC approved the first product filings received in under 30 days. The IIPRC adopted a Compact filing fee structure as the Compact Statute provides that the IIPRC shall be funded by filing fees. Nine (9) more Uniform Standards were adopted to bring the total Uniform Standards to 36.

2008:
Experienced Regulators and Actuary joined the IIPRC team. Annual Registration Fees were instituted and collected from companies who wished to file with the IIPRC. Additional States joined the Compact, bringing the premium volume represented by Compacting States to over one-half of the premium volume nationwide. Additional Uniform Standards were developed and became effective, bringing the year-end total to 46 Uniform Standards.

2009:
Mississippi, New Mexico, and Missouri enacted the Compact legislation for a total of 36 Member States. More Uniform Standards became effective in both the life and annuity product lines, bringing the total number of Uniform Standards in effect to over 50. The “Product Filing Rule” was amended to eliminate the two-year time frame associated with the “Mix and Match” filing process.

2010:
The IIPRC worked on the development and adoption of the full suite of individual Long-Term Care Insurance Uniform Standards. With the adoption of these Uniform Standards, the number of individual product lines in effect for the IIPRC grew to three (3) – life, annuity and long-term care. The IIPRC amended the “Filing Fee Rule” to change the definition of “Regional Filers” and to require that a Schedule of Fees be adopted on an annual basis, along with the IIPRC’s Annual Budget.

2011:
New Jersey, Alabama, Nevada and Oregon enact the Compact legislation, bringing the total number of Member states to 41 with approximately 70% of the premium volume nationwide. Additional resources joined the IIPRC Team with the retention of a new Product Review consultant, Actuarial Reviewer and full-time staff. The four product lines designated in the Compact were all enacted with the adoption of the Disability Income Uniform Standards. By year-end, over 80 Uniform Standards were in effect. 

2012:
Group Term Life Uniform Standards for employee/employer groups were developed and adopted – the first of the group uniform product standards. Over 90 Uniform Standards had been adopted. The IIPRC adopted a new Schedule of Fees based on the premium volume of filing companies, and whether an actuarial review is required for the product filing.

2013:
The IIPRC gained its 42nd and 43rd members with the enactment of the Compact legislation in Montana and Arkansas. The IIPRC had a record year with the number of registered and filing companies. Over 180 companies utilized the speed-to-market platform of the Compact for product filings and approvals.

2014:
The IIPRC welcomed Arizona as the 44th Compacting State. New resources joined the IIPRC Team. The Compact received a record 999 product filings, and approved 876 products with an average review time of 27 days. The IIPRC began drafting a suite of seven (7) Group Disability Income Product Uniform Standards. The IIPRC concluded the first four phases of the Five-Year Review as mandated in the “Rulemaking Rule” of all Uniform Standards.

2015:
The IIPRC proposed the 100th uniform standard, and modernized the Compact website. The Compact also completed an update of several life and annuity product Uniform Standards, which became effective in July, 2016.

2016:
May marked the 10th anniversary of the Compact reaching its operational threshold, after being adopted by at least 26 states, or 40% of the national premium volume. Group Disability Income Product Uniform Standards were adopted and became effective in June, and the Compact clarified the provision in the life product Uniform Standards that prohibited a war exclusion for known members of the military. The IIPRC continued to work on the Five-Year Review of the Individual Long-Term Care Uniform Standards throughout the year. In June, Connecticut enacted the Compact legislation to become the Compact’s 45th member, effective July 1, 2017. A record 226 companies registered with the Compact this year.

2017:
The IIPRC took final action on amendments to the individual Long-Term Care Uniform Standards under Five-Year Review. The Compact will continue work on Phases 7 and 8 of the Five-Year Review, and will begin work on expanding the scope of the Uniform Standards for Employer Groups to encompass other state-approved groups.