2010 Initiatives Include New Uniform Standards

DENVER (March 26, 2010) - The Interstate Insurance Product Regulation Commission (IIPRC) released its 2009 Annual Report during a joint meeting of the Management Committee and Commission held yesterday in Denver. The Annual Report captures the significant growth and progress made last year and includes audited financial statements.

"This report reflects the commitment and hard work of the many people who have been a part of the ongoing development of the IIPRC," said Mary Jo Hudson, IIPRC Chair and Ohio Insurance Director. "From drafting uniform standards to reaching out to companies and non-compacting states about the benefits of the IIPRC, we are pleased to report on last year’s success as we make substantial progress in 2010."

The number of companies registered so far in 2010 has already exceeded the total registrations in 2009.
"The benefits of filing through the IIPRC are evident in the upward trend in registration and filing activity," said Paulette Thabault, IIPRC Treasurer and Vermont Insurance Commissioner. "Companies are getting their products to more markets faster and consumers can be assured that these products have undergone a thorough review that complies with uniform standards having consumer protections that are among the highest in the nation."

The IIPRC also held a public hearing on its next major set of proposed uniform standards for individual long-term care insurance. "We welcome the feedback and active participation of IIPRC members, state legislators, consumer representatives, industry representatives and regulators from all states as we consider detailed uniform standards that closely follow the Long-Term Care Insurance Model Act and Model Regulation, with important consumer protection enhancements," said Hudson.

Additionally, the IIPRC discussed a possible framework for creating a non-voting form of membership for states proactively pursuing fully joining the Compact, but who have not yet met with legislative success. This proposal will be subject to further discussion by the IIPRC.

Click HERE to access the IIPRC 2009 Annual Report.

About the Commission

Currently, 36 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, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, 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.

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