FOR IMMEDIATE RELEASE

IIPRC Announcement: Prorated Annual Registration Fee

WASHINGTON, D.C. (7/2/2015) - It’s that time of year! Starting July 1, the Insurance Compact will begin accepting prorated 2015 Annual Registration Fees.

Between July 1st and the end of 2015, companies may register with the Insurance Compact for half the cost.  More specific details regarding the cost may be found on the Compact Fee Structure on the Insurance Company Resources page of the Insurance Compact’s website.   By registering with the Insurance Compact, companies can experience the benefits of preparing one filing under one set of standards for one submission subject to one review and approval in up to 44 member states – many filings approved in under 30 review days.    Filers can file under 93 Uniform Standards currently in effect for all four individual product lines – life, annuity, long-term care, and disability income – as well as group term life for employer/employee groups.

Be one of the efficiency-minded companies to take advantage of the Insurance Compact’s straightforward filing process, which includes prompt, easy access to a professional team of product reviewers and actuaries who will work with companies before and after a filing is made to answer questions and provide guidance for compliance. Take advantage of the many tools offered to filing companies including detailed Uniform Standards, reviewer checklists, on-demand, web-based tutorials, and streamlined payment of state filing fees. Use the unique mix-and-match and add-a-state features to accommodate product development needs.

For more information on how to register or to add a state or other filing questions, please visit the Insurance Company Resources page for detailed step-by-step directions or contact the Insurance Compact Office at: comments@insurancecompact.org.

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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