FOR IMMEDIATE RELEASE comments@insurancecompact.org | 202.471.3962

IIPRC MEETS IN CHICAGO
Compact Receives Recommendations, Welcomes New Members

CHICAGO (Aug. 16, 2015) — The joint meeting of the Management Committee and Interstate Insurance Product Regulation Commission (IIPRC) was held on Friday, August 14 in Chicago.

"I am extremely pleased that we received several important recommendations from our working committees for further comment and consideration by the Commission," said Texas Insurance Commissioner David Mattax, who also serves as the chair of IIPRC. "I am impressed not only by the dedication of our regulators in Compacting States but also by all of those who provide input to our process in developing detailed and comprehensive uniform standards and providing recommendations for continuous enhancement of our filing and operational processes."

Recommendations discussed at the meeting include the consideration of eight new uniform standards for group disability income products as well as proposed amendments to the 2016 Schedule of Fees. The Commission‘s Product Standards Committee is also undertaking a five-year review of several individual annuity uniform standards and the suite of uniform standards for the individual long-term care insurance product line. The Technology and Rulemaking Committees of the IIPRC have also surveyed the Compacting States to elicit feedback on important operational aspects of the Compact filing process for future recommendations.

"We also appreciate the commitment of our state legislators serving on the Commission‘s Legislative Committee and the support and participation of their colleagues in our state legislatures to help the IIPRC remain a successful state-based regulatory model for collaboration and efficiency," Mattax added.

The IIPRC welcomed several new commissioners from Compacting States as well as several members of the IIPRC Legislative Committee. This includes Chair Maryland Senator Delores Kelley; Vice Chair Alaska Representative Kurt Olson; Rhode Island Representative Brian Patrick Kennedy; Indiana Senator Travis Holdman; Arkansas Senator Jason Rapert; and Kentucky Representative Steve Riggs.

About the Commission

Currently, 44 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, 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.

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.


2014 Interstate Insurance Product Regulation Commission. All rights reserved.