About the Compact

The Interstate Insurance Compact ("Compact") is an important modernization initiative that benefits state insurance regulators, consumers, and the insurance industry.



The Insurance Compact enhances the efficiency and effectiveness of the way insurance products are filed, reviewed, and approved allowing consumers to have faster access to competitive insurance products in an ever-changing global marketplace. The Compact promotes uniformity through application of uniform product standards embedded with strong consumer protections.

The Insurance Compact established a multi-state public entity, the Interstate Insurance Product Regulation Commission (Commission) which serves as an instrumentality of the Member States. The Compact serves as a central point of electronic filing for certain insurance products, including life insurance, annuities, disability income, and long-term care insurance that are reviewed for compliance pursuant to comprehensive and detailed uniform product standards developed and adopted by Member States as their product content requirements, affording a high level of protection to purchasers of asset protection insurance products.

The Compact is good news for both consumers and insurers. Consumer protection is the hallmark of the state-based regulatory system and these mobile-borne products are subject to thorough review and consistent standards. Insurers can utilize the Compact to achieve efficiencies and speed-to-market throughout the product development and implementation of a multi-state insurance product. State insurance regulators retain sovereign authority over their insurance marketplace and actively participate in ensuring uniform standards provide insurance consumers with strong and established protections.

Since meeting its operational threshold in May 2006, the Commission now has 46 Member States representing 75% of the premium volume nationwide. The Commission has three officers that are elected annually, a Management Committee, a Legislative Committee, Consumer and Industry Advisory Committees, and seven other member Committees who direct Compact activity.

The following provides a highlight of recent achievements and outlines continuing plans of the Insurance Compact.

May marked the 10th anniversary of the Compact reaching its operational threshold, after being adopted by at least 26 states, or 40% of the national premium volume. Group Disability Income Product Uniform Standards were adopted and became effective in June, and the Commission clarified the provision in the life product Uniform Standards that prohibited a war exclusion for known members of the military. The Commission continued work on the Five-Year Review of the Individual Long-Term Care Uniform Standards throughout the year. In June, Connecticut enacted the Compact legislation to become the Compact's 45th member, effective July 1, 2017. A record 226 companies registered with the Insurance Compact in 2016.

In 2017, the Commission took final action on amendments to the individual Long-Term Care Uniform Standards under Phase 6 of the Five-Year Review, and on amendments to certain life and annuity Uniform Standards under Phase 7. The Commission's Product Standards Committee continued their work reviewing the Individual Disability Income Insurance Uniform Standards under Phase 8 of the Five-Year Review, and began to explore how the Compact can accommodate industry innovation while maintaining consumer protections. June marked the Compact's 10th Anniversary of Product Filings. The Compact again received a record number of Annual Registrations from filing companies in 2017.