IIPRC RELEASES 2009 ANNUAL
2010 Initiatives Include New
DENVER (March 26, 2010)
- The Interstate Insurance Product Regulation Commission (IIPRC)
released its 2009 Annual Report during a joint meeting of the
Management Committee and Commission held yesterday in Denver. The
Annual Report captures the significant growth and progress made last
year and includes audited financial statements.
"This report reflects the commitment and
hard work of the many people who have been a part of the ongoing
development of the IIPRC," said Mary Jo Hudson, IIPRC Chair and Ohio
Insurance Director. "From drafting uniform standards to reaching out
to companies and non-compacting states about the benefits of the
IIPRC, we are pleased to report on last year’s success as we make
substantial progress in 2010."
The number of companies registered so
far in 2010 has already exceeded the total registrations in
"The benefits of filing through the IIPRC are evident in
the upward trend in registration and filing activity," said Paulette
Thabault, IIPRC Treasurer and Vermont Insurance Commissioner.
"Companies are getting their products to more markets faster and
consumers can be assured that these products have undergone a
thorough review that complies with uniform standards having consumer
protections that are among the highest in the nation."
The IIPRC also held a public hearing on
its next major set of proposed uniform standards for individual
long-term care insurance. "We welcome the feedback and active
participation of IIPRC members, state legislators, consumer
representatives, industry representatives and regulators from all
states as we consider detailed uniform standards that closely follow
the Long-Term Care Insurance Model Act and Model Regulation, with
important consumer protection enhancements," said Hudson.
Additionally, the IIPRC discussed a
possible framework for creating a non-voting form of membership for
states proactively pursuing fully joining the Compact, but who have
not yet met with legislative success. This proposal will be subject
to further discussion by the IIPRC.
to access the IIPRC 2009 Annual Report.
About the Commission
Currently, 36 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members
are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New
Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico,
Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont,
Virginia, Washington, West Virginia, Wisconsin and Wyoming.
The IIPRC enables state insurance
regulators to develop uniform national standards for asset
protection insurance products, such as life insurance, annuities,
disability income and long-term care insurance. The IIPRC
establishes a central filing point for these insurance products,
enhancing the speed and efficiency of regulatory decisions and
allowing companies to compete more effectively in the modern
financial marketplace, while continuing to provide protection for
For more information, visit www.insurancecompact.org.