MONTANA ENACTS INSURANCE COMPACT LEGISLATION
Treasure State Becomes 43rd Member to Join IIPRC
WASHINGTON, D.C. (May 6, 2013) - Montana
Governor Steve Bullock signed SB28, making Montana the 43rd state to join
the Interstate Insurance Product Regulation Commission (IIPRC).
"I am extremely proud Montana is joining this
collaborative effort to develop and leverage national product standards to
the benefit of consumers," said Monica J. Lindeen, Montana Insurance
Commissioner. "We look forward to participating in this state-based
organization that promotes uniformity and consumer protections while
providing speed-to-market for insurance products in our state."
The Commission is a key state-based regulatory
modernization initiative that enhances the efficiency and effectiveness of
the way insurance products are filed, reviewed and approved while
preserving regulatory authority at the state level. The Commission is
meeting the demands of consumers and regulators while supporting innovation
for insurers in the ever-changing, global financial marketplace.
"We are excited that Montana recognizes the benefits of
enacting the IIPRC legislation for its consumers and insurers," said Roger
A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "Using
detailed, consumer-oriented uniform product standards, companies can file
through the IIPRC for review and approval for various insurance products in
all of our member states."
About the Commission
Currently, 43 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, Alaska, 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.
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 consumers.
For more information, visit www.insurancecompact.org.