ARIZONA BECOMES A 'GRAND' ADDITION TO INSURANCE
D.C. (April 24, 2014)
- Arizona Governor Jan Brewer signed HB2482, enacting the Interstate
Insurance Product Regulation Compact (Compact). The bill was introduced by
Representative Phil Lovas, Chair of the Arizona House Insurance and
Retirement Committee, co-sponsored by the Committee's Vice Chair
Representative John Allen, and unanimously passed both chambers.
"We are very pleased to welcome Arizona as the 44th Compacting State
when their legislation becomes effective later this summer," said
Roger A. Sevigny, Chair of the Interstate Insurance Product Regulation
Commission (IIPRC) and New Hampshire Insurance Commissioner. "With the
addition of another member state, the IIPRC exhibits how states work
together to collaboratively and collectively create a mechanism for the
development and application of national, consumer-oriented uniform standards.
More importantly, the Compact ensures products are approved in an
efficient, thoroughly reviewed and speed-to-market manner while preserving
individual state autonomy over the regulation of our insurance
"We look forward to joining our fellow states in this important
state-based organization," said Germaine L. Marks, Arizona Insurance
Director. "The Compact provides another avenue for companies to
deliver asset-based insurance products to our market in a prompt, efficient
manner, and is a positive benefit for our citizens as well as companies and
agents doing business in Arizona."
The Compact legislation will become effective approximately ninety (90)
days after sine die
of the Arizona legislature.
**Please note that Arizona opted out of participating in the long-term care uniform standards in its legislation.
Currently, 44 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama,
Alaska, Arizona, Arkansas, Colorado, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts,
Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New
Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon,
Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas,
Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
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 consumers.
more information, visit www.insurancecompact.org.