FOR IMMEDIATE RELEASE

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IIPRC RELEASES 2012 ANNUAL REPORT

WASHINGTON, D.C. (April 18, 2013) - The Interstate Insurance Product Regulation Commission (IIPRC) released its 2012 Annual Report, highlighting major accomplishments from the past year.
     
"We are pleased to report that 2012 was marked by the achievement of key milestones and progress in many areas of our operation and development," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "With the increase in Compacting States and Uniform Standards, we witnessed a dramatic rise in the number of product filings from even more efficiency-minded companies leveraging the speed-to-market benefits and savings of filing with the IIPRC."
   
In 2012, Oregon began accepting IIPRC-approved products under all Uniform Standards, increasing participation in the Compact and its Uniform Standards to 41 Compacting States representing 70% of the nationwide asset-based premium volume. The IIPRC adopted more product lines for individual disability income products as well as its first Uniform Standards for group term life for employer/employee products, bringing the total number of adopted Uniform Standards to 86 by the end of the year.  Approximately 170 small, medium and large companies and fraternals, representing a combined 75% of the asset-based nationwide premium volume, registered to file, resulting in an increase of 60% over 2011 filing volumes.  In addition, the IIPRC experienced a 98% retention of companies registering year over year.
   
"Our 2012 Annual Report reflects five years of growth and success in our product filing activity," said Sevigny. "We recognize the dedication and hard work of our members, their staffs and the participation of the state legislators, companies, and consumer and industry representatives. We look forward to continuing to develop more uniform standards, welcoming more Compacting States and increasing industry utilization of the IIPRC’s filing process for speed-to-market and uniformity."

Click HERE to view the Annual Report.

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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