FOR IMMEDIATE RELEASE


INSURANCE COMPACT EXPANDS PRODUCT STANDARDS PORTFOLIO
Adopts Five Individual Annuity Standards

SAN FRANCISCO (May 30, 2008) - The Interstate Insurance Product Regulation Commission (IIPRC) adopted five individual annuity product standards today, expanding its suite of offerings available to companies for product filings.

These standards will be effective in 90 days, giving companies even more reason to leverage the IIPRC’s one-stop, electronic filing platform. By filing with the IIPRC, companies can use one set of uniform standards that is valid in all 31 compact-member jurisdictions.

The IIPRC recognized the industry’s need for standards specifically related to the growing market of asset-based insurance products, including individual annuity products.

“By implementing these standards with strong disclosure requirements, we have accomplished our primary duty to protect the insurance buyer,” said IIPRC Management Committee Chair and West Virginia Insurance Commissioner Jane Cline. “We also recognize the need to continually develop new standards that can be used by the insurance industry to file in one location and receive the benefit of approval in our compacting states.”

Forty-four uniform standards have been adopted by the IIPRC since its inception two years ago. Product filing operations began just last year. Product filing statistics show that the average time from initial filing submission to final disposition is 31 days. These statistics are calculated under the parameters of the IIPRC Product Filing Rule.

“We provide a speed-to-market solution for companies still filing asset-based products on a state-by-state basis,” said IIPRC Management Committee Vice Chair and Ohio Insurance Director Mary Jo Hudson. “We look forward to working with consumers, legislators and industry representatives - as well as future compacting states - to further enhance this state-based, consumer-oriented solution.”

About the Commission
Currently, 31 members have joined the Interstate Insurance Product Regulation Commission (IIPRC). 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, 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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© 2008 Interstate Insurance Product Regulation Commission. All rights reserved.