ANNUAL REPORT

The Interstate Insurance Product Regulation Commission (IIPRC) is pleased to report that 2009 was a year of significant growth and progress. In 2009, we saw the collective and collaborative spirit of 36 members in action as we adopted additional Uniform Standards; proactively addressed important operational and public policy issues; doubled company registration and filing activity; and generated positive feedback on the benefits of filing through the IIPRC.
The IIPRC is an innovative vehicle formalizing the joint and cooperative action among compacting states to establish Uniform Standards that strongly protect the interest of consumers and form the foundation of a central clearinghouse for prompt review of asset-based insurance products.

 
States have built the solution long-sought after by the insurance industry. The IIPRC allows companies to submit one product filing under one set of requirements and receive approval in 60 days, or far less, in up to all the compacting states. The IIPRC looks forward to continued growth as the IIPRC continues to adopt more Uniform Standards and expects more states to join.