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NEVADA MAKES STERLING ADDITION TO INSURANCE COMPACT
"Silver State"
Becomes 39th Member
WASHINGTON,
D.C. (June 6, 2011)
— Nevada Governor Brian Sandoval signed AB23 enacting the Interstate
Insurance Product Regulation Commission (IIPRC). With the addition of
Nevada, the IIPRC now has 39 Compacting States representing more than
two-thirds of the nationwide asset-based insurance premium volume.
“We are delighted to have Nevada join the growing ranks of states that
realize the power of working together to establish Uniform Standards for
asset-based products,” said Roger A. Sevigny, IIPRC Chair and New Hampshire
Insurance Commissioner. “Companies reap tremendous benefits by filing one
standardized product through the Compact, undergoing one review and
receiving one approval for use in up to 39 Compacting States.”
"We look forward to joining our sister states in this important
state-based organization," said Brett J. Barratt, Nevada Insurance
Commissioner. "I want to thank the legislature and Governor Sandoval
for passing this important initiative. It will benefit both Nevada
consumers and industry by leveraging technology, reducing paperwork, and
streamlining insurance regulation while offering thoroughly reviewed
insurance products with strong consumer protections."
Pursuant to
AB23, Nevada will join the IIPRC effective October 1, 2011.
About
the Commission
Currently, 39 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, Nevada, 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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