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INSURANCE COMPACT RECEIVES FIRST PRODUCT FILINGS


WASHINGTON, D.C. (June 25, 2007) -The Interstate Insurance Product Regulation Commission (IIPRC) received its first product filings Friday, just one year from the start–up of its operations and on schedule with its mid–year target to be open for business.

In expeditiously creating a central point of insurance product filing under Uniform Standards for its 30 Member States, the IIPRC demonstrated its commitment to meeting the challenges of the ever–evolving global financial marketplace, enabling insurers to keep pace while continuing to hold the bar on consumer protection. 

“We are very happy to announce that the IIPRC has received its first product filings for review under our newly adopted Uniform Standards,” said IIPRC Chair and West Virginia Insurance Commissioner Jane Cline, on behalf of the Compact’s leadership and Member States. “This is a momentous occasion for state insurance regulation, and it highlights our proactive efforts to modernize our regulatory structures while continuing to ensure that consumers are afforded the highest levels of protection.” 

“The hard work and dedication of our Members and state legislators demonstrates that state insurance regulation remains vibrant and responsive to our constituencies,” Cline said. “By leveraging the expertise of the state regulatory community and engaging the valued practical insights of the insurance industry and consumer representatives, the operations of the IIPRC have been implemented in record time. As a key innovation in insurance regulation, the IIPRC will serve our Member States well.”


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