FOR IMMEDIATE RELEASE

INSURANCE COMPACT REPORTS CONTINUED SUCCESS
Adopts New Standards, Registers More Companies, Debuts ‘TOI Link’

SAN DIEGO (March 14, 2009) - The Interstate Insurance Product Regulation Commission (IIPRC) met today, adopting three new uniform standards for annuity and life insurance benefit features. The IIPRC has now adopted more than 50 uniform standards in two years, continuing to provide greater flexibility to companies in their product filing options.

In addition, the number of companies registered so far this year has already exceeded the total registrations in 2008, as more companies realize the tremendous competitive and cost-saving benefits of being able to prepare one filing, submit it to one place and receive approval in 60 days or less in up to 33 jurisdictions.

"As we add more standards and states and make the filing process easier, more companies are choosing the IIPRC," said West Virginia Insurance Commissioner Jane Cline, chair of the IIPRC Management Committee. "These days, companies must find ways to reduce administrative costs and get products through the regulatory approval process faster - and the IIPRC has a track record of making these possible."

Also at its meeting today, the IIPRC debuted the TOI Link, a new tool for regulators and filers. The TOI Link connects the IIPRC uniform standards and the NAIC's product coding matrix, providing a functional roadmap of where the standards fit within the types and sub-types of insurance found in the SERFF filing system. Companies can leverage this speed-to-market tool to further increase the ease and efficiency of filing with the IIPRC.

The IIPRC is quickly becoming the preferred option for filing, especially as more states join the Compact. Mississippi is expected to become the newest IIPRC member, as its legislature recently passed the Compact and has sent the legislation to Governor Haley Barbour for signature. Four other states have pending legislation, with other state regulators and legislators expressing interest in the Compact.

About the IIPRC

Currently, 33 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, 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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© 2009 Interstate Insurance Product Regulation Commission. All rights reserved.