FOR IMMEDIATE RELEASE

news@insurancecompact.org 816.783.8909

INSURANCE COMPACT APPROVES FIRST FILINGS


WASHINGTON, D.C. (July 24, 2007) The Interstate Insurance Product Regulation Commission (IIPRC) has approved its first insurance product filings within 30 days of submission. These filings were approved under the IIPRC's uniform standards and with the streamlined efficiencies of a central point of filing, while continuing to uphold strong consumer protections.

"Working collaboratively, our 30 member jurisdictions in the Insurance Compact have proven that the state-based regulatory system can meet the demands for uniformity and speed-to-market while carrying out our primary responsibility for consumer protection," said IIPRC Chair and West Virginia Insurance Commissioner Jane Cline. "We look forward to expanding our operations, encouraging more insurers to make initial filings, and to welcoming new states to join us in this successful endeavor."

The approved filings are life insurance products filed under the so-called "mix and match" procedure.  This allows companies to use already-approved forms in the IIPRC’s member states with forms submitted for approval to the IIPRC.  "Mix and match" has been adopted on an interim basis while the IIPRC continues to adopt uniform standards in all of its product lines.  Liberty Life Assurance Company of Boston received the first product approval for an individual adjustable life product, followed by New York Life Insurance and Annuity Corporation which also received approvals for three individual adjustable life products last week. 


About the Commission
Currently, 30 members have joined the Interstate Insurance Product Regulation Commission. The compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.

The Commission enables state regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The Commission 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.

 

You are currently subscribed to the "Insurance Compact News Release" electronic service. For information regarding this service, please contact the NAIC Communications Division, 2301 McGee Street, Kansas City, MO 64108, 816.783.8909

To unsubscribe from the "Insurance Compact News Release" electronic service, send a blank e-mail to the News Release service. 

To unsubscribe from all NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services.


© 2006 Interstate Insurance Product Regulation Commission. All rights reserved.