INSURANCE COMPACT MARKS FIVE YEAR ANNIVERSARY
D.C. (June 13, 2011)
- The Interstate Insurance Product Regulation Commission (IIPRC) marks its
fifth anniversary this year. Since its inaugural meeting on June 13, 2006,
the IIPRC has achieved numerous benchmarks, including the addition of 13
states to the compact. The growth in compacting states means the IIPRC now
represents 40 states with a total share of nationwide premium volume for
asset-based insurance products of almost 70 percent.
"The business case has never been stronger for companies to use the IIPRC,"
said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance
Commissioner. "We are committed to our goal of increasing efficiency by
allowing companies to make one product filing and to receive a single
comprehensive review under detailed and uniform product requirements that
can then be utilized in the compacting states. We have made tremendous
progress in just five short years and continue to build upon our strong
foundation as we add even more states, develop more Uniform Standards, and
welcome more filers."
The IIPRC has adopted 73 Uniform Standards to date, allowing companies to
file a complete and wide array of products for individual life, annuity and
long-term care insurance. Additional Uniform Standards for other product
lines are under development. More than 100 companies have had over 700
products approved since the IIPRC had its first filing in June 2007, with
many receiving approval in 60 days, or less. The IIPRC has also built a
strong regulatory review team with highly qualified and experienced form
reviewers and actuaries focused on thoroughly reviewing all product filings
for full compliance with the Uniform Standards.
Currently, 40 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama,
Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New
Mexico, North Carolina, Ohio, Oklahoma, 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.