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INSURANCE COMPACT MARKS FIVE YEAR ANNIVERSARY
 

WASHINGTON, D.C. (June 13, 2011) - The Interstate Insurance Product Regulation Commission (IIPRC) marks its fifth anniversary this year. Since its inaugural meeting on June 13, 2006, the IIPRC has achieved numerous benchmarks, including the addition of 13 states to the compact. The growth in compacting states means the IIPRC now represents 40 states with a total share of nationwide premium volume for asset-based insurance products of almost 70 percent.

"The business case has never been stronger for companies to use the IIPRC," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "We are committed to our goal of increasing efficiency by allowing companies to make one product filing and to receive a single comprehensive review under detailed and uniform product requirements that can then be utilized in the compacting states. We have made tremendous progress in just five short years and continue to build upon our strong foundation as we add even more states, develop more Uniform Standards, and welcome more filers." 

The IIPRC has adopted 73 Uniform Standards to date, allowing companies to file a complete and wide array of products for individual life, annuity and long-term care insurance. Additional Uniform Standards for other product lines are under development. More than 100 companies have had over 700 products approved since the IIPRC had its first filing in June 2007, with many receiving approval in 60 days, or less. The IIPRC has also built a strong regulatory review team with highly qualified and experienced form reviewers and actuaries focused on thoroughly reviewing all product filings for full compliance with the Uniform Standards.     

About the Commission

Currently, 40 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, 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.


 

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