FOR IMMEDIATE RELEASE


INSURANCE COMPACT LAUNCHES WEB SITE REDESIGN

New Format Streamlines Access to Key Content, Information

WASHINGTON, D.C. (Nov. 10, 2008) - The Interstate Insurance Product Regulation Commission (IIPRC) today launched its enhanced Web site, www.insurancecompact.org. The new site provides user-friendly access to key IIPRC information in a more streamlined manner, including the rulemaking record, product standards development, information for industry filers, and outreach resources.

The IIPRC manages the day-to-day operations on behalf of its 33 member states, including regulatory product reviews for asset-based insurance products. As a successful state-based modernization platform for insurance regulation, the IIPRC sets national standards for life, annuity, disability income and long-term care insurance products. Its centralized regulatory review platform ensures speed-to-market reviews in less than 60 days, while maintaining the high levels of consumer protections as the time-tested hallmark of state regulation.

"We are committed to making the IIPRC’s filing processes as uniform and streamlined as possible, and the Web site is key to helping us do just that," said Oklahoma Insurance Commissioner Kim Holland, chair of the IIPRC Communications Committee. "The goal of this redesign is to help us better communicate with consumers, legislators, companies and members - as well as ensure our processes and operations remain open and transparent."

The new Web site provides targeted information to the states and insurance company filers. The new Member Resources page contains updated information on the progress of the Compact nationwide. The revamped Industry Resources page has readily available information on speed-to-market product filing.

"Our Web site traffic has increased more than 500% during the course of the past year. The average daily visits were 19 per day in 2007, but has increased to an average of 198 a day in 2008," said IIPRC Executive Director Frances Arricale. "Our goal is to provide the states, consumers and industry with the up-to-date, one-stop information on the Compact as we seek to maximize regulatory efficiencies to meet the critical demands of the global financial marketplace. We encourage IIPRC members, filers and others to utilize the valuable information on our Web site."

The IIPRC will hold a webinar on "Navigating the New IIPRC Web Site" on Wednesday, Nov. 12, 2008, at 1 p.m. ET/12 p.m. CT/11 a.m. MT/10 a.m. PT. For more information, visit www.insurancecompact.org.

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 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.


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© 2008 Interstate Insurance Product Regulation Commission. All rights reserved.