CONNECTICUT CAPS IIPRC’S FIRST DECADE
Compact marks 10th anniversary of inaugural meeting
WASHINGTON, D.C. (June
13, 2016) - Connecticut became the 45th Compacting state to join the Interstate Insurance Product Regulation Commission (IIPRC) when Connecticut Governor Dan Malloy signed HB5051 on June 8. The law goes into effect on July 1 of next year.
"We look forward to being an active participant in this important state-based regulatory support organization,” said Katharine L. Wade, Connecticut Insurance Commissioner. “Joining this effort shows Connecticut’s continued commitment to removing barriers and improving efficiencies, while ensuring strong consumer protections for our vibrant insurance marketplace.”
“The Commission welcomes Connecticut’s participation as we continue to build a transformative, yet firmly state-based regulatory framework for uniform, consumer-oriented product regulation across the nation”
said Jacqueline K. Cunningham, IIPRC Chair and Virginia Insurance Commissioner.
This month, the IIPRC is celebrating 10 years since its inaugural meeting at the National Press Club in Washington, D.C. where 27 compacting states gathered to lay the groundwork for the organization’s operations. Today's 45 compacting states represent more than 75 percent of the premium volume written nationwide.
Since its first meeting, the IIPRC has adopted 100 Uniform Standards covering a wide variety of individual and group product lines and benefit features for Compact-authorized products. This includes individual and group life insurance, annuities, long-term care insurance and disability income insurance. More than 250 life insurance companies and fraternals have used the IIPRC to make one product filing and receive one approval on behalf of the compacting states. That filing undergoes a thorough review for compliance with detailed, consumer-oriented Uniform Standards, allowing filing companies to realize not only uniformity benefits but tremendous efficiencies with the more than 4,500 insurance products approved by the IIPRC since its operational inception.
“We have come a long way since our first meeting 10 years ago and are pleased to be the one-stop solution for efficiency-minded companies seeking state-based regulatory approval of asset-based insurance products,” Cunningham said. “Through the commitment and dedication of state regulators, state legislators, consumer representatives, company representatives and industry organizations, the IIPRC exemplifies the ability of states to collaborate and leverage their collective regulatory expertise to protect consumers and promote efficiencies through national state-based regulation.”
About the Commission
Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, 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.