TESTIFIES TO START-UP SUCCESS
WASHINGTON, D.C. (April
16, 2008) - Interstate Insurance Product Regulation Commission
(IIPRC) Executive Director Frances Arricale testified today before
the U.S. House Subcommittee on Capital Markets, Insurance and
Government Sponsored Enterprises, highlighting the successful
state-based efforts to modernize insurance regulation under the
Interstate Insurance Compact.
Compact is a key successful speed-to-market initiative
launched by state insurance regulators, in partnership with state
legislators across the country, to meet the challenges of insurance
regulation within an international financial market dynamic,"
Arricale explained. "We have built the framework for the future of
insurance product regulation - and the future is now."
With 31 member states to date
representing half of premium volume for asset-based insurance
products nationwide, the Insurance Compact has made great advances
to modernize and streamline state regulatory processes in short
"The Insurance Compact represents a key
state-based modernization reform initiative that benefits consumers,
industry and regulators," Arricale said. "It makes insurance
regulation more efficient and effective in the financial
marketplace, while maintaining and enhancing protections for
The IIPRC provides a central point of
electronic product filing under nationally recognized uniform
standards. This regulatory filing platform was successfully launched
in 2007, affording insurers the ability to make one filing under one
set of standards for one regulatory approval issued in less than 60
days that is valid in all IIPRC member jurisdictions.
"The success of the Insurance Compact
clearly demonstrates the time-tested expertise of the state
regulatory system, implementing speed-to-market reform by leveraging
our interstate collective framework," said Ohio Insurance Director
Mary Jo Hudson, who is vice-chair of the IIPRC’s Management
Committee. "We encourage the remaining states to join the Insurance
Compact as we expand our goals of uniformity and consumer protection
Ten jurisdictions have Insurance Compact
legislation pending and under consideration this year: Alabama,
California, Connecticut, District of Columbia, Illinois, Louisiana,
Missouri, New Jersey, New York and South Carolina.
Click HERE to view the full text of Arricale’s
About the Commission
Currently, 31 members have joined
the Interstate Insurance Product Regulation Commission (IIPRC).
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, Wisconsin and
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.