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MONTANA ENACTS INSURANCE COMPACT LEGISLATION
      Treasure State Becomes 43rd Member to Join IIPRC

WASHINGTON, D.C. (May 6, 2013) - Montana Governor Steve Bullock signed SB28, making Montana the 43rd state to join the Interstate Insurance Product Regulation Commission (IIPRC).

"I am extremely proud Montana is joining this collaborative effort to develop and leverage national product standards to the benefit of consumers," said Monica J. Lindeen, Montana Insurance Commissioner. "We look forward to participating in this state-based organization that promotes uniformity and consumer protections while providing speed-to-market for insurance products in our state."

The Commission is a key state-based regulatory modernization initiative that enhances the efficiency and effectiveness of the way insurance products are filed, reviewed and approved while preserving regulatory authority at the state level.  The Commission is meeting the demands of consumers and regulators while supporting innovation for insurers in the ever-changing, global financial marketplace.

"We are excited that Montana recognizes the benefits of enacting the IIPRC legislation for its consumers and insurers," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "Using detailed, consumer-oriented uniform product standards, companies can file through the IIPRC for review and approval for various insurance products in all of our member states."

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.

 

 


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