FOR IMMEDIATE RELEASE


IIPRC REMOVES MANDATORY TIMELINE TO FILING PROCESS
New amendment designed to provide greater flexibility for insurers

WASHINGTON, D.C. (July 30, 2009) - The Interstate Insurance Product Regulation Commission (IIPRC) amended the Operating Procedure for the Filing and Approval of Product Filings (Product Filing Rule) this week to provide greater flexibility for insurers as they transition approval of their asset-based products to the IIPRC. These amendments remove the two-year deadline or "product cutoff date" associated with using or marketing IIPRC-approved product components specified for use with state-approved product components.

"By removing the timeline for use of IIPRC-approved forms with state-approved forms, we recognized the practical hardship from a systems, legal, and cost perspective for companies to re-file their entire portfolio with the Commission in such a short period of time," said Mary Jo Hudson, IIPRC Vice Chair and Ohio Insurance Director. "As we continue to adopt Uniform Standards for all product lines, companies will have an increased incentive over time to fully rely upon the IIPRC as the primary means of filing with compacting states and realizing the speed-to-market efficiencies associated with preparing one filing subject to one prompt review and approval for use in up to 36 states."
 
The amended Product Filing Rule also eliminates reliance on a list of the Uniform Standards eligible for "mix and match" (widely known as Appendix A) and requires that going forward, the Uniform Standards specifically indicate whether it can be used for "mix and match." The "mix and match" process provides insurers with the ability to combine IIPRC-approved product filing components with state-approved product filing components, provided the filer identifies these state forms in the IIPRC filing and certifies the combination will not unreasonably affect the risk assumed.

Also this week, the IIPRC Management Committee published the draft 2010 budget for notice and comment. For more information about the draft budget, the amended Product Filing rule or how to register and file with the IIPRC, please visit the Web site at www.insurancecompact.org.    
 

About the Commission

Currently, 36 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, 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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© 2009 Interstate Insurance Product Regulation Commission. All rights reserved.