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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.
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