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ILLINOIS ACCEPTING COMPACT PRODUCT FILINGS
Illinois Lifts Its Stay For the Majority of Uniform Standards

WASHINGTON, D.C. (May 31, 2011) - Beginning May 31, 2011, the Interstate Insurance Product Regulation Commission (IIPRC) will accept product filings on behalf of the State of Illinois for individual life, annuity and long-term care product lines, except products for variable life and annuity and market value adjustment ("MVA") features.

"Illinois unequivocally supports the goals and mission of the Commission and is excited to join its fellow Compacting States in accepting a wide variety of asset-based products which have been thoroughly reviewed for compliance with detailed, consumer-oriented Uniform Standards," said Illinois Insurance Director Michael T. McRaith.  "We thank the Commission for the additional time to complete our review of the Uniform Standards and look forward to working with our fellow compacting states to address our remaining concerns with a subset of Uniform Standards."

"I want to commend Director McRaith and the Illinois Department of Insurance for their regulatory due diligence in carefully vetting the Uniform Standards," said IIPRC Chair and New Hampshire Insurance Commissioner Roger A. Sevigny.  "Now companies filing individual life, annuity and long-term care products have another reason to join more than 100 companies who are currently registered to utilize the IIPRC to prepare and make one product submission, undergo one review and receive one approval across the participating compacting states."

The Commission has granted Illinois an extension of its stay of the effectiveness of the remaining Uniform Standards listed in its letter on May 6, 2011 to Karen Schutter, IIPRC Executive Director, for a period of ninety (90) days through August 29, 2011. Please also note that Illinois does not permit modified rate schedules for individual long-term care insurance.

About the Commission

Currently, 38 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, 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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