WASHINGTON, D.C. (Aug. 20, 2008) - The Interstate Insurance Product Regulation Commission (IIPRC) hit a milestone earlier this month, when it approved its 100th life insurance product.

As a successful state-based initiative to modernize insurance product regulation, the IIPRC reviews and approves products using its new national standards and speed-to-market, centralized processes for the 33 members of the Insurance Compact.

Representing more than one-half of premium volume across the country, the IIPRC provides a uniform regulatory platform that allows insurers to get new products to the market quickly, while continuing to uphold strong consumer protections through state-based regulation. With operations launched little more than one year ago, the IIPRC has already hit a significant milestone by approving 100 life insurance products.

"The states are proactively responding to the changing financial marketplace by instituting new and modern regulatory mechanisms that promote a vibrant insurance sector, while continuing to ensure that consumers are protected," said IIPRC Management Committee Chair and West Virginia Insurance Commissioner Jane Cline. "This is only the beginning. As we promulgate more national standards, filings through the IIPRC's streamlined process will surely increase."

With a team of highly experienced professionals, the IIPRC reviews asset-type insurance products, including life, annuity, disability-income and long-term care insurance products. Using one set of standards, products are reviewed and approved for sale in less than 60 days.

"The Compacting states are providing the state-of-the art electronic filing platform for insurers to make one filing for approval that is valid in all member jurisdictions," said Oklahoma Insurance Commissioner Kim Holland, who chairs the IIPRC Communications Committee. "By getting more sound and cost-effective products to the market nationally, we are ensuring that consumers have choice and protection in our markets. We hope these efforts will make the IIPRC an insurer's filing venue of choice."

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 (eff. 1/1/09), 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.

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