TWO MORE STATES JOIN
WASHINGTON, D.C. (June 23,
2008) - The Interstate Insurance Product Regulation
Commission (IIPRC) recently welcomed the Pelican and Palmetto states
as its newest members. The IIPRC now represents
54 percent of nationwide insurance premium volume.
"Louisiana and South Carolina's adoption
of the Compact further signifies that the IIPRC is a viable
regulatory tool for modernizing the way insurance products are
brought to market," said West Virginia Insurance Commissioner Jane
Cline, chair of the IIPRC Management Committee. "We look forward to
the Commission's continued growth, as well as the addition of new
member states and new product standards."
standards have been adopted by the IIPRC since its inception two
years ago. The IIPRC provides streamlined review of life, annuity,
disability income and long-term care insurance products. Insurers
may make one filing under one set of rules for one approval that is
valid in all IIPRC member jurisdictions.
"South Carolina is pleased to join the
ranks of states accepting IIPRC filings," said South Carolina
Insurance Director Scott Richardson. "Membership in the IIPRC will
allow us to reallocate staff to other important consumer-protection
activities, such as market conduct and financial solvency
examinations, while allowing us to continue to provide prompt
product review and approval."
filings generally will be reviewed and approved for use in all
compacting states within 60 days or less from the date of
initial submission. Filing review operations are conducted online
through the National Association of Insurance Commissioners' (NAIC)
System for Electronic Rate and Form Filing (SERFF).
"By enacting the Compact, Louisiana is
better able to collaborate with other states on issues of national
concern, while continuing to respond to the specific insurance needs
of our local residents," said Louisiana Insurance Commissioner Jim
Donelon. "IIPRC represents the best of both worlds - quick,
effective product approval for insurers, along with
high-quality protections for consumers."
About the Commission
Currently, 33 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, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma,
Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee,
Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin
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
For more information, visit www.insurancecompact.org.