|
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.
|
