FOR IMMEDIATE RELEASE

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IIPRC ADDS INDIVIDUAL DISABILITY INCOME
PRODUCT LINE

WASHINGTON, D.C. (Jan. 11, 2012) - Companies can now submit product filings under the Individual Disability Income Insurance Uniform Standards, which were adopted last September by the Interstate Insurance Product Regulation Commission (IIPRC). All Compacting States are participating in these Uniform Standards and accepting individual disability income insurance product filings submitted for approval to the Compact.

"With the addition of the individual disability income product line, the Compact marks another major milestone as it now has Uniform Standards for all individual asset-based product lines authorized by the Compact legislation," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "Companies in the individual market can now file an even wider array of products through the Compact, thereby gaining the efficiencies and cost-savings associated with preparing and submitting one standard product for one review and approval across 41 Compacting States."

The IIPRC Office is offering a webinar to provide filers with an overview of the disability income insurance product filing submission process. The webinar will be offered at 3:00 pm ET on the following dates: January 25, February 2, and February 8.  More information about the webinar may be found on the IIPRC website or by contacting the IIPRC Office.

A new Filing Information Notice (FIN) is available on the IIPRC website to assist all insurance companies with submitting their product filings. Filing Information Notice 2012-1: Individual Disability Income Insurance Filings advises as to the particular steps that should be followed when submitting disability insurance product filings to the IIPRC, including combination and "mix and match" product filings. The Reviewer Checklists for individual disability income insurance Uniform Standards are also available on the Insurance Company Resources page of the website as a tool to assist insurance companies with the satisfaction of all submission requirements and policy provisions.

About the Commission

Currently, 41 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, Oregon, 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.


© 2011 Interstate Insurance Product Regulation Commission. All rights reserved.