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IIPRC RECOGNIZES FIRST COMPANY TO RECEIVE APPROVAL ACROSS ALL INDIVIDUAL PRODUCT LINES

WASHINGTON, D.C. (July 17, 2012) - The Interstate Insurance Product Regulation Commission (IIPRC) announced Massachusetts Mutual Life Insurance Company ("MassMutual") is the first company to receive approval across all individual insurance product lines including life, annuities, long-term care and disability income. MassMutual was also one of the first companies to submit a filing under the individual disability income Uniform Standards implemented earlier this year. Since December 2007, MassMutual has received IIPRC approval for 40 product filings, including 116 forms with an overall average review time of 36 days.

"I applaud MassMutual for being an industry leader in leveraging the speed-to-market and uniformity benefits of filing through the IIPRC," said New Hampshire Insurance Commissioner and IIPRC Chair Roger A. Sevigny.  "MassMutual has significantly reduced the number of days for its product forms to be prepared, submitted, reviewed, approved and deployed across 41 Compacting States while eliminating state variations and delivering strong consumer protection features required by the Uniform Standards."

"As a mutual life insurance company, we remain intensely focused on delivering long-term value to our policyholders," said Mike Fanning, executive vice president and head of MassMutual’s U.S. Insurance Group.  "We have supported the creation and adoption of the Interstate Compact since its inception, and we believe the Compact has delivered on its promise of improving the process for insurance carriers to develop and deliver new products to market faster and more efficiently.  It’s a win-win for everyone."

More than 140 companies are registered to file products for IIPRC review and approval under 82 Uniform Standards covering a wide array and combination of insurance products and benefit features for individual life, annuity, long-term care and disability income. Further, the IIPRC is now seeking comments on Uniform Standards for group term life policies and certificates as well as comments on the framework for group annuity Uniform Standards and on the five-year review of certain Uniform Standards and operating procedures. 

For the remainder of 2012, companies can register to file under a prorated registration fee of $2,500 ($1,250 for regional companies filing in 12 or less Compacting States). The IIPRC’s filing process includes prompt, easy access to a professional team of product reviewers and actuaries and many useful filing tools. The IIPRC’s unique mix-and-match and add-a-state features can accommodate product development needs.  

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.

 

 


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