Compact Releases 2017 Annual Report

IIPRC News Release

IIPRC Releases Annual Report, Meets in Milwaukee

MILWAUKEE (March 23, 2018) —The Interstate Insurance Product Regulation Commission convened its first in-person meeting of 2018 on Friday in conjunction with NAIC’s Spring 2018 National Meeting. The Commission released its 2017 Annual Report, which included the unqualified opinion and report of the independent auditor.

The Commission showcased its continued growth in terms of increases in the number of compacting states, filing companies and product filing submissions. The annual report reflects the cumulative growth of the Commission during its 10 years of product operations with 100 Uniform Standards for all individual and two group insurance product lines and close to 6,500 insurance products approved, which otherwise would have required nearly 200,000 separate filings to the respective compacting states. The Commission remained revenue neutral collecting and remitting more than $2.6 million in state filing fees in 2017 with a total of $15.4 million since 2007.

"The impressive growth of the Insurance Compact over its ten years of operations is a product of the cooperative spirit of the many commissioners, regulators, state legislators, consumer representatives and industry and company representatives to building a transformative regulatory paradigm," said Beth Dwyer, Commission Vice Chair and Rhode Island Superintendent. "With the Compact, speed to market (S2M) for companies and member states is much more robust than counting the days from filing to approval. S2M embraces the ability to have uniform products and forms across the compacting states that meet comprehensive and stringent consumer protection requirements upfront and dramatically reduce implementation and administrative costs for companies and their consumers."

During the meeting, the Management Committee of the Commission also accepted the Report and Recommendation of the Product Standards Committee to initiate the public rulemaking process for the five-year review amendments to the Uniform Standards for Individual Disability Income Insurance. The members also approved the formation of a Regulatory Counsel Committee and a new appointment to the Consumer Advisory Committee.

About the Commission

Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, 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.

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2017 Interstate Insurance Product Regulation Commission. All rights reserved.