FOR IMMEDIATE RELEASE


IIPRC Offers Special Discount
Filing 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."

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 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.


You are currently subscribed to the "Interstate Insurance Product Regulation Commission News Release" electronic service. To unsubscribe from this service, send a blank e-mail to the Insurance Compact News Release service.


© 2008 Interstate Insurance Product Regulation Commission. All rights reserved.