IIPRC Offers Special Discount
Fees Reduced for Companies That Commit to Compact
WASHINGTON, D.C. (Dec. 22,
2008) - The Interstate Insurance Product Regulation
Commission (IIPRC) today announced a special discount for companies
that pay their 2009 annual registration fees on or before
Jan. 31, 2009. Companies that register by the end of January
will be permitted to submit two filings in 2009 at a reduced
rate of $250 per filing.
"We are pleased to offer this filing fee
reduction to companies that demonstrate their commitment to the
IIPRC’s one-stop filing solution," said West Virginia Insurance
Commissioner Jane Cline, chair of the IIPRC Management Committee.
"We are confident that once companies experience the benefits of
submitting product filings via the IIPRC, they will continue to use
it to gain speed-to-market efficiencies and advantages."
The IIPRC provides a central point of
electronic product filing on behalf of all its members - which
includes 32 states and Puerto Rico - with more states expected
to join in 2009. By using the IIPRC, companies can submit one
filing, under one set of uniform standards, for one approval in 60
days or less.
In addition, by early 2009 companies
will be able to file products under 49 uniform standards, including
the full individual life product line and several annuity standards.
Also in 2009, the IIPRC will be working as expeditiously as possible
to adopt and implement uniform standards to comprehensively cover
annuity, group life and long-term care insurance products.
"Registering in January is a great way
to get started with the IIPRC and take advantage of this special
discount," Cline added. "We will be increasing our outreach in the
New Year to encourage the remaining states to join the Compact and
all companies selling asset-based products to register with the
IIPRC’s annual registration fees are
submitted through the National Association of Insurance
Commissioners’ (NAIC) System for Electronic Rate and Form Filing
(SERFF). For more information, please visit www.insurancecompact.org/industry_resources.htm.
About the Commission
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
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
For more information, visit www.insurancecompact.org.