INSURANCE COMPACT HITS MILESTONE;
PRODUCT MEETS NATIONAL STANDARDS
WASHINGTON, D.C. (Aug. 20,
2008) - The Interstate Insurance Product Regulation
Commission (IIPRC) hit a milestone earlier this month, when it
approved its 100th life insurance product.
As a successful state-based initiative
to modernize insurance product regulation, the IIPRC reviews and
approves products using its new national standards and
speed-to-market, centralized processes for the 33 members of
the Insurance Compact.
Representing more than one-half of
premium volume across the country, the IIPRC provides a uniform
regulatory platform that allows insurers to get new products to the
market quickly, while continuing to uphold strong consumer
protections through state-based regulation. With operations launched
little more than one year ago, the IIPRC has already hit a
significant milestone by approving 100 life insurance products.
"The states are proactively responding
to the changing financial marketplace by instituting new and modern
regulatory mechanisms that promote a vibrant insurance sector, while
continuing to ensure that consumers are protected," said IIPRC
Management Committee Chair and West Virginia Insurance Commissioner
Jane Cline. "This is only the beginning. As we promulgate more
national standards, filings through the IIPRC's streamlined process
will surely increase."
With a team of highly experienced
professionals, the IIPRC reviews asset-type insurance products,
including life, annuity, disability-income and long-term care
insurance products. Using one set of standards, products are
reviewed and approved for sale in less than 60 days.
"The Compacting states are providing the
state-of-the art electronic filing platform for insurers to make one
filing for approval that is valid in all member jurisdictions," said
Oklahoma Insurance Commissioner Kim Holland, who chairs the IIPRC
Communications Committee. "By getting more sound and cost-effective
products to the market nationally, we are ensuring that consumers
have choice and protection in our markets. We hope these efforts
will make the IIPRC an insurer's filing venue of choice."
About the Commission
Currently, 33 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members
are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma,
Pennsylvania, Puerto Rico, Rhode Island, South Carolina (eff.
1/1/09), 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
For more information, visit www.insurancecompact.org.