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ARIZONA BECOMES A 'GRAND' ADDITION TO INSURANCE COMPACT

WASHINGTON, D.C. (April 24, 2014) - Arizona Governor Jan Brewer signed HB2482, enacting the Interstate Insurance Product Regulation Compact (Compact). The bill was introduced by Representative Phil Lovas, Chair of the Arizona House Insurance and Retirement Committee, co-sponsored by the Committee's Vice Chair Representative John Allen, and unanimously passed both chambers.

"We are very pleased to welcome Arizona as the 44th Compacting State when their legislation becomes effective later this summer," said Roger A. Sevigny, Chair of the Interstate Insurance Product Regulation Commission (IIPRC) and New Hampshire Insurance Commissioner. "With the addition of another member state, the IIPRC exhibits how states work together to collaboratively and collectively create a mechanism for the development and application of national, consumer-oriented uniform standards. More importantly, the Compact ensures products are approved in an efficient, thoroughly reviewed and speed-to-market manner while preserving individual state autonomy over the regulation of our insurance marketplaces."

"We look forward to joining our fellow states in this important state-based organization," said Germaine L. Marks, Arizona Insurance Director. "The Compact provides another avenue for companies to deliver asset-based insurance products to our market in a prompt, efficient manner, and is a positive benefit for our citizens as well as companies and agents doing business in Arizona."

The Compact legislation will become effective approximately ninety (90) days after sine die of the Arizona legislature.

**Please note that Arizona opted out of participating in the long-term care uniform standards in its legislation.

About the Commission

Currently, 44 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, 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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