IIPRC ASSEMBLES, CELEBRATES 10TH ANNIVERSARY
SAN DIEGO (Aug. 26, 2016) — The Interstate Insurance Product Regulation Commission (IIPRC) convened yesterday at the National Association of Insurance Commissioners‘ (NAIC) Summer 2016 National Meeting and paid special recognition to the Commission‘s 10th anniversary of its inaugural meeting.
The Commission recognized the dedication of those who contributed to the impressive growth and development over the past decade. The Commission grew from 27 member states with 40 percent of the premium volume to 45 member states representing over 75 percent of the premium volume. To date, the Commission has adopted over 100 Uniform Standards for 11 major product lines covering over 130 product types. More than 280 life insurance companies have filed with the Commission and received approval for over 4,700 products, reducing potential state-by-state separate filings by over 200,000 submissions.
“The Commission has become a transformative and integral part of the regulatory paradigm for life insurers, creating a tremendous impact on the approval process for life insurance, annuities, long-term care and disability income insurance products,” said Eric A. Cioppa, Maine Insurance Superintendent and IIPRC Treasurer. “The Commission has also facilitated collaboration amongst regulators, state legislators, consumers and industry representatives to foster best practices and uniformity.”
During the meeting, the Commission adopted amendments to its Life Uniform Standards to clarify the prohibited war exclusion for military service members. The IIPRC also kicked off the formal rulemaking process for changes to the individual Long-Term Care Uniform Standards under five-year review.
Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, 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.
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.
information, visit www.insurancecompact.org.