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 48 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.

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