IIPRC WELCOMES ARKANSAS,
MONTANA TO COMPACT
INDIANAPOLIS, Ind. (Aug. 25, 2013) -The
Interstate Insurance Product Regulation Commission (IIPRC) met in
Indianapolis and welcomed Arkansas and Montana as the newest members of the
successful state-centric initiative.
Arkansas enacted the Compact legislation in April, which became effective
in August. Companies can now add Arkansas to new, pending and previously
approved product filings as of August 29.
"We are excited to join our fellow states in embracing strong, detailed
uniform standards for products that undergo a thorough and rigorous prior
review and approval by the IIPRC’s experienced regulatory analysts and
actuaries," said Arkansas Insurance Commissioner Jay Bradford. "I
would like to thank Arkansas State Senator Jason Rapert, Chair of the
Senate Insurance and Commerce Committee, for his leadership, and
recognizing our membership in the Compact will be beneficial for our
marketplace as it continues to protect our consumers while enhancing
Montana also enacted the Compact legislation, which will become effective
in October for life and annuities uniform standards and product
"The Compact is an important uniformity initiative that fosters the
development and application of comprehensive, stringent uniform standards,"
said Montana Commissioner of Securities and Insurance Monica Lindeen. "With
our constitutional unisex requirement, we are pleased the Compact can
accommodate the needs of our citizens as well as allow companies to utilize
the Compact review and approval framework."
In addition, the IIPRC Management Committee appointed Fred Nepple to serve
on its Consumer Advisory Committee. Nepple is a former Chief Counsel at the
Wisconsin Office of the Commissioner of Insurance, who recently retired
after 27 years of service. He is a 2003 recipient of the Robert Dineen
Award, which is the highest honor bestowed upon regulators from the
National Association of Insurance Commissioners (NAIC).
"Given his long career of protecting consumer interests, Fred will be an
invaluable addition to this important committee," said IIPRC Chair and New
Hampshire Insurance Commissioner Roger A. Sevigny. "We appreciate his
desire and commitment to lending his expertise and perspective to the
Commission and its activities."
The IIPRC now has 43 Compacting States, including Puerto Rico, representing
a combined 72% of the nationwide premium volume written for asset-based
insurance products including life, annuities, long-term care and disability
About the Commission
Currently, 43 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, Alaska, 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.