FOR IMMEDIATE RELEASE

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INSURANCE COMPACT REFLECTS ON SUCCESSFUL
START-UP YEAR

HOUSTON (Dec. 2, 2007) - During a meeting yesterday, the Interstate Insurance Product Regulation Commission (IIPRC) adopted new uniform standards and assessed its progress to date.

The IIPRC, which manages the operations of the Interstate Insurance Compact, adopted two new life insurance product standards, bringing to a total of 38 uniform standards promulgated during its start-up. The IIPRC provides the central point of electronic product filing under uniform standards on behalf of all its members - which includes 29 states and Puerto Rico, with more states expected to join in 2008.

"It’s been exciting to be part of such a successful regulatory initiative, and I look forward to seeing an increased number of states and insurers participate in the Compact next year," said West Virginia Insurance Commissioner Jane Cline, who is chair of the IIPRC’s Management Committee. "With the adoption of new national standards that provide high-caliber consumer protections and the successful initiation of our streamlined filing operations, we have proven that state-based regulation is truly working on behalf of all our constituencies."

By affording insurers the ability to make one filing under one set of standards to receive one approval that is valid in all member states, the IIPRC ’s modernization mission benefits the entire insurance marketplace. Its streamlined filing platform enables speed-to-market, while its uniform standards with built-in consumer protections ensure sound and more competitive insurance products for consumers.

"Within one year, we adopted national standards accepted by all 30 of our members, opened our doors for business and approved more than a dozen initial product filings," said IIPRC Executive Director Frances Arricale. "We have successfully leveraged the expertise of the state-based system into a national approach, and we are looking forward to an even more productive 2008 as we expand our operations for the increased filings by insurers and encourage more states to join the Interstate Insurance Compact."

The IIPRC recently adopted a $1.4 million operating budget for 2008, as it will build on its successful start-up and expand its operations in the coming year. For more information, please 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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© 2007 Interstate Insurance Product Regulation Commission. All rights reserved.