IIPRC REGISTERS SUCCESS IN 2009
2010 Annual Fees Now Offered At Discount

SAN FRANCISCO (Dec. 5, 2009) — The Interstate Insurance Product Regulation Commission (IIPRC) and its Management Committee held a joint meeting in San Francisco to discuss new initiatives and mark the end of a successful year during which the number of registered filers and filings received doubled last year's totals.

During the meeting, the Management Committee approved a 10% discount off the 2010 Annual Registration Fee, effective immediately for companies registering with the IIPRC on or before January 31st. The IIPRC is now accepting 2010 Annual Registration Fees.

"The discount is a great cost-savings opportunity for companies to register with the IIPRC for an entire year and experience the speed-to-market benefits of preparing a single filing with one review and approval for use in up to 36 states," said Mary Jo Hudson, IIPRC Chair and Ohio Insurance Director. "I regularly receive feedback from companies who have registered and filed with the IIPRC saying they wish they had filed sooner and are eager to make their next IIPRC filing."

Missouri also announced it would no longer be pursuing its opt-out of the Additional Standards for Market Value Adjustment Features Provided through the General Account. "We appreciate Missouri's thorough evaluation of this uniform standard and its willingness to work through its questions and concerns with the Product Standards Committee," continued Hudson. "Working through this process with Missouri has demonstrated a state’s ability to exercise its sovereign right to opt-out of a uniform standard as well as the commitment of the IIPRC members to discuss a state's concerns."

During the meeting, a public hearing was also held on three annuity benefit feature standards currently in the IIPRC's rulemaking process. These standards, along with written comments that have been submitted, can be found on the IIPRC's Rulemaking Docket on its Web site at www.insurancecompact.org. The Management Committee commenced the rulemaking process on a proposed rule for a limited self-certification filing process and expects to receive a recommendation from its Product Standards Committee in the coming weeks regarding proposed uniform standards for individual long-term care insurance product line.

Click HERE for audio; Director Mary Jo Hudson discusses IIPRC.
 

About the Commission

Currently, 36 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, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, 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.