Compact Celebrates Addition of New Member


IIPRC News Release
FOR IMMEDIATE RELEASE

Compact Celebrates Addition of New Member

WASHINGTON (March 19, 2019)—The Interstate Insurance Product Regulation Commission (IIPRC) continues to grow as the District of Columbia is the 46th jurisdiction to enact the Insurance Compact legislation. District of Columbia joins 44 states and Puerto Rico as it supports consumer-focused uniform product content requirements within a national state-based system of efficient product regulation.

“Mayor Muriel Bowser has charged us with ensuring that insurance products meet the highest consumer protection standards for our residents and being part of the Insurance Compact helps us do just that,” said Stephen C. Taylor, Commissioner of the District of Columbia Department of Insurance, Securities and Banking.

Through the Insurance Compact, a broad range of life insurance, annuity and disability income insurance products will undergo thorough review to ensure they meet robust consumer protections which are applicable across the Compacting states and jurisdictions. The Insurance Compact is a partnership among insurance regulators across the country ensuring that insurance products meet detailed standards before they are sold to consumers. Because insurers no longer have to file identical documents in multiple states, they can enter the District of Columbia market sooner, leading to more competition and availability.

“We welcome the District of Columbia and recognize it not only serves as the nation’s capital but as the headquarters for the Insurance Compact,” said Jillian Froment, Insurance Compact Chair and Ohio Insurance Director. “We commend Mayor Bowser and the District of Columbia Council on their initiative to join their counterparts across the nation in modernizing the regulatory process for review and approval of asset-protection insurance products.”

The District of Columbia’s Insurance Compact legislation did include an opt-out of all long-term care insurance products. The District did not include long-term care insurance products in the Compact so that the Department can continue to review and approve long-term care insurance rates. Incoming Compacting States are afforded 10 business days to exercise additional opt-outs. Filers may begin to add the District of Columbia to submitted and/or approved Compact product filings (other than long-term care) beginning March 21, 2019.

About the Commission

Currently, 46 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, District of Columbia, 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.

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