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BEAVER STATE JOINS IIPRC
Oregon Becomes 41st Member of Multi-State Compact

WASHINGTON, D.C. (July 5, 2011) - Oregon Governor John Kitzhaber signed HB 2095 into law, making Oregon the 41st state to join the Interstate Insurance Product Regulation Commission (IIPRC). Oregon joins three other states that have enacted the IIPRC in 2011 including New Jersey, Nevada and Alabama. Compacting States now represent more than three-quarters of all states and almost 70% of the nationwide premium volume for asset-based insurance products.

"We are very excited to have Oregon join our ranks and reap the benefits of working together to deliver speed-to-market through Uniform Standards," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "The IIPRC is transforming the product approval process for many companies by allowing these states to accept standardized, asset-based insurance products that comply with detailed, consumer-oriented uniform product content requirements."

"We look forward to the benefits of being a member of the Compact," said Teresa D. Miller, Oregon Insurance Administrator. "I want to commend the legislature and Governor Kitzhaber for enacting this important legislation for Oregon consumers and industry. We are proud to join our sister states in providing speed-to-market and meaningful uniformity under an umbrella of robust consumer protections."

Pursuant to HB 2095, Oregon will join the IIPRC effective January 1, 2012.

About the Commission

Currently, 40 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, 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.


 

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