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INTERSTATE
INSURANCE COMPACT OPEN FOR BUSINESS
SAN FRANCISCO (June 2, 2007) —
The Interstate Insurance Product Regulation Commission (IIPRC) met
Friday in San Francisco and adopted an operational structure to
begin receiving product filings.
The IIPRC adopted an interim “Mix–and–Match” system for product
filing operations, which will allow insurers to utilize
already-approved Member State forms with forms approved by the
Commission under its Uniform Standards. This procedure will provide
insurers with the capability for immediate product filings, while
the IIPRC continues to develop new Uniform Standards in its
authorized product lines of life insurance, annuities, disability
income and long–term care insurance.
“We are very pleased to be open for business,” said IIPRC Chair
and West Virginia Insurance Commissioner Jane Cline. “Our
accomplishments today truly demonstrate that state–based regulation
is pro–active and responsive to the evolving insurance marketplace
while continuing to hold the bar on consumer protection.”
Also during its meeting in San Francisco, the IIPRC announced
that product filing examiners and professional staff would be
seconded from Member States for an interim time period until
permanent staff is hired at its headquarters in Washington, DC later
this year. Additionally, the IIPRC adopted eight new Uniform
Standards after public comment, which included consumer and industry
input.
“The commitment of our Members and state legislatures to the
Compact goals has brought us to our targeted objective of starting
up product filing operations this year,” said Frances Arricale,
IIPRC Executive Director. “We now encourage insurers to make an
initial filing with the Compact.”
For more information about the Commission, visit www.insurancecompact.org.
About the Commission
Currently, 30
members have joined the Interstate Insurance Product Regulation
Commission. The compacting members are Alaska, Colorado, Georgia,
Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland,
Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, North
Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island,
Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia
and Wyoming.
The Commission enables state regulators to develop uniform
national standards for asset protection insurance products, such as
life insurance, annuities, disability income and long-term care
insurance. The Commission 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. |
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