FOR IMMEDIATE RELEASE

comments@insurancecompact.org | 816.783.8909

 

OREGON ACCEPTING IIPRC PRODUCT FILINGS

WASHINGTON, D.C. (Jan. 19, 2012) - The Interstate Insurance Product Regulation Commission (IIPRC) is now accepting product filings on behalf of Oregon, which became an official member on January 1, 2012, and is participating in Uniform Standards for all adopted product lines including individual life, annuities, long-term care and disability income insurance products.

"We are pleased Oregon is the 41st Compacting State to start accepting product filings submitted and approved through the IIPRC under strong, detailed Uniform Standards," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "With the addition of Oregon, efficiency-minded companies doing business in the individual asset-based insurance market have another compelling reason to register and file through the IIPRC and reap the immediate speed-to-market advantages of preparing and submitting one standard form for one review and approval under one set of product standards."

"We have appreciated the opportunity to work with our fellow Commission members and the IIPRC Office as we prepared to accept IIPRC-approved product filings," said Acting Oregon Administrator Louis D. Savage. "We welcome this stage of membership and look forward to working with our fellow Commission members in the IIPRC’s ongoing development."

Registered companies can now include Oregon on new, pending and previously-approved product filings.  For more information on how to add Oregon to an already-submitted filing, please refer to the "How to Add a State" instructions on the Insurance Company Resources web page or contact the IIPRC Office at 202-471-3962.

About the Commission

Currently, 41 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, 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, 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.
 

 


© 2011 Interstate Insurance Product Regulation Commission. All rights reserved.