FOR IMMEDIATE RELEASE

 

COMPACT EXPECTS MORE USERS, STATES, STANDARDS IN 2009

GRAPEVINE, Texas (Dec. 5, 2008) - During its Management Committee meeting, the Interstate Insurance Product Regulation Commission (IIPRC) reflected on its 2008 accomplishments, while looking forward to 2009.

The IIPRC provides the central point of electronic product filing under uniform standards on behalf of all its members - which includes 32 states and Puerto Rico, with more states expected to join in 2009. The IIPRC members, working closely with state legislators, will increase outreach to encourage additional jurisdictions to pass Compact legislation.

"The IIPRC offers a unique opportunity for companies to reduce administrative costs and burdens by submitting one filing under one standard that can be approved in 60 days or less for more than half the nation," said West Virginia Insurance Commissioner Jane Cline, chair of the IIPRC Management Committee. "We are expecting our hard work in 2008 to pay off in 2009 with even more companies registering with the IIPRC and taking advantage of this innovative one-stop filing process."

By early 2009, there will be 49 uniform standards available for insurance companies to file, including the full suite of standards for the individual life product line and several annuity standards. The IIPRC also plans to adopt and implement group life and long-term care insurance standards to enhance its portfolio of asset-based products available for filing companies to utilize.

The IIPRC is now accepting 2009 annual registration fees. Companies paying their IIPRC annual registration fees on or before Jan. 2, 2009, can continue to file with the IIPRC without disruption. All filers must pay the annual registration fee in order to utilize the IIPRC’s one-stop filing platform for the 33 IIPRC member jurisdictions. For more information, visit www.insurancecompact.org/industry_resources.htm.

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, 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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