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IIPRC MEETS IN LOUISVILLE
Compact Welcomes New State, Clarifies Life Standards

LOUISVILLE, KY (Aug. 16, 2014)The Interstate Insurance Product Regulation Commission (IIPRC) met in Louisville on August 15. Joining the IIPRC for the first time was the Compact’s newest member, Arizona, which became the 44th Compacting State on July 24, 2014. Arkansas State Senator Jason Rapert was added to the Legislative Committee, appointed by the National Conference of State Legislatures. Senator Rapert serves as the Chair of the Arkansas Senate Insurance & Commerce Committee and was instrumental in introducing and guiding the passage of the Compact legislation in 2013.

Also during the meeting, the IIPRC provided a response to the Florida Office of Insurance Regulation (FLOIR) that the legislation adopted by the Florida legislature in 2013, which became effective on July 1, contained several material variances from the Compact legislation and therefore was not an effective acceptance to join the Compact.

 

“We commend the Florida legislature for expressing its desire to join this important and successful state-centric organization focused on developing strong, consumer-oriented uniform standards for asset-protection insurance products,” said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. “We look forward to working with Florida to address their concerns and hopefully remove the variances to allow them to participate in the IIPRC.”
 

The IIPRC also adopted amendments to 30 life uniform standards that were subject to its periodic five-year review process. These amendments, which were substantially clarifying in nature, will become effective later this year and will apply on a going-forward basis.

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.

 


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