IIPRC NOW ACCEPTING 2011 ANNUAL REGISTRATION FEES

WASHINGTON, D.C. (Dec. 9, 2010) — The Interstate Insurance Product Regulation Commission (IIPRC) is now accepting 2011 Annual Registration Fees. Companies paying their IIPRC Annual Registration Fee on or before January 1, 2011 can continue to file without disruption.

As noted in the Terms and Procedures for IIPRC Filing Fees, the IIPRC Annual Registration Fee is due at the start of the calendar year. All filers must register in order to utilize the IIPRC's one-stop filing platform. The Annual Registration Fee is $5,000 and $2,500 for Regional Insurers.

The IIPRC provides a central point of electronic product filing on behalf of all 36 members, which include 35 states and Puerto Rico. By using the IIPRC, companies can submit one filing under one set of Uniform Standards, for one review and approval in under 60 days. Companies are currently able to file products corresponding to 69 Uniform Standards including individual life, annuity and long-term care insurance products. In 2011, the IIPRC will continue to adopt and implement additional uniform standards for individual annuity, long-term care and disability income.

The Commission anticipates welcoming new member states over the coming weeks and months and has started accepting individual long-term care insurance product filings. The Commission has also revised its registration and filings fees for regional insurers, allowing companies that file in 12 or less states to utilize the benefits of the IIPRC at a lower price point. 

Companies are encouraged to renew or pay their Annual Registration Fee by January 1, 2011.

Click HERE to access a copy of the Schedule of IIPRC Fees  

Click HERE for information on submitting the 2011 Annual Registration Fee
 

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.