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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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