The Compact was created when the first two states, Colorado and Utah, enacted the Compact legislation. The Interstate Insurance Product Regulation Commission (IIPRC) was brought into existence upon meeting the threshold requirements of 26 states or 40% of premium volume nationwide; both of which were met in May 2006.
The IIPRC held its Inaugural Meeting in June 2006 in Washington, DC, forming its interim Management Committee and adopting the System for Electronic Rate and Form Filing (SERFF) as its electronic filing platform. By September 2006, the IIPRC adopted its Bylaws and Rulemaking Rule after comprehensive discussions with legislative, consumer and industry representatives.
The IIPRC held its first Annual Meeting in November 2006 whereby its permanent Management Committee was established and Officers elected from Pennsylvania, West Virginia and Minnesota. At this Meeting, the IIPRC announced the hiring of an Executive Director to oversee the start-up and day-to-day operations of the IIPRC.
Within six (6) months of its creation, the IIPRC adopted its first Uniform Standards in December 2006. The IIPRC reached its goal and started receiving and reviewing product filings by mid-2007. In the Fall of 2007, the IIPRC instituted Filing Fees to finance the operations of the IIPRC. By the start of 2008, the IIPRC had brought on an experienced regulatory team to provide daily support for the product review process. Also at the beginning of 2008, IIPRC Annual Registration Fees were inaugurated to further finance the IIPRC. Throughout 2008, the IIPRC Office has worked with the Members and interested parties in developing Uniform Standards through extensive public notice and participation processes. At the end of 2008, the IIPRC has in effect 46 Uniform Standards with more to be in effect early in 2009. As the IIPRC moves into its third year, work is continuing to adopt more uniform product standards, specifically in the Group Life Products, and to enhance the procedures to receive product filings on behalf of the IIPRC Member States.
Today, the IIPRC has 44 Members representing approximately two-thirds of the premium volume. Our Member States are: Alabama, Alaska, Arizona, 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.
Additional IIPRC History