IIPRC RELEASES 2010 ANNUAL REPORT
Commission Achievements Include Record Number of Company Filings

AUSTIN, TEXAS (March 27, 2011) —The Interstate Insurance Product Regulation Commission (IIPRC) released its 2010 Annual Report during a joint meeting of the Management Committee and Commission held in Austin. The Annual Report captures the significant growth and progress made last year and includes audited financial statements.

"This report highlights the positive results generated from a highly collaborative group of dedicated regulators in our compacting states with the Legislative Committee and consumer and industry advisory committees," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "Our 2010 accomplishments include implementing strong, consumer-oriented Uniform Standards for Individual Long-Term Care Insurance, welcoming Illinois and New Jersey as the most recent states to pass the Compact legislation and exceeding the number of companies that registered to file than in the two previous years combined. We are pleased to report on these 2010 benchmarks as we work earnestly on our 2011 initiatives, such as increased outreach to consumers, members and industry."

Also at the meeting, the IIPRC adopted four new uniform standards, including private placement annuity and life products. The IIPRC has now adopted 73 detailed Uniform Standards available to companies to submit a wide variety of product filings for individual life, annuity and long-term care insurance products, and combinations thereof. Once these filings are submitted, they undergo a very thorough review by one set of highly experienced reviewers to ensure full compliance with the Uniform Standards. With the average approval time under 60 days, companies filing through the IIPRC can realize direct and indirect costs savings and competitive benefits not only in compliance, but also in the marketing of content-standard products across the compacting states.

Click HERE to view the IIPRC Annual Report.

About the Commission

Currently, 38 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, 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.