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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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