IIPRC REGISTERS SUCCESS IN
2010 Annual Fees Now Offered At
SAN FRANCISCO (Dec. 5, 2009)
- The Interstate Insurance Product Regulation Commission
(IIPRC) and its Management Committee held a joint meeting in San
Francisco to discuss new initiatives and mark the end of a successful
year during which the number of registered filers and filings
received doubled last year's totals.
During the meeting, the Management
Committee approved a 10% discount off the 2010 Annual Registration
Fee, effective immediately for companies registering with the IIPRC
on or before January 31st. The IIPRC is now accepting 2010 Annual
"The discount is a great cost-savings
opportunity for companies to register with the IIPRC for an entire
year and experience the speed-to-market benefits of preparing
a single filing with one review and approval for use in up to
36 states," said Mary Jo Hudson, IIPRC Chair and Ohio Insurance
Director. "I regularly receive feedback from companies who
have registered and filed with the IIPRC saying they wish they
had filed sooner and are eager to make their next IIPRC filing."
Missouri also announced it would no
longer be pursuing its opt-out of the Additional Standards for
Market Value Adjustment Features Provided through the General
Account. "We appreciate Missouri's thorough evaluation of
this uniform standard and its willingness to work through its
questions and concerns with the Product Standards Committee,"
continued Hudson. "Working through this process with Missouri
has demonstrated a state’s ability to exercise its sovereign
right to opt-out of a uniform standard as well as the commitment
of the IIPRC members to discuss a state's concerns."
During the meeting, a public hearing
was also held on three annuity benefit feature standards currently
in the IIPRC's rulemaking process. These standards, along with
written comments that have been submitted, can be found on the
IIPRC's Rulemaking Docket on its Web site at www.insurancecompact.org.
The Management Committee commenced the rulemaking process on a
proposed rule for a limited self-certification filing process
and expects to receive a recommendation from its Product Standards
Committee in the coming weeks regarding proposed uniform standards
for individual long-term care insurance product line.
for audio; Director Mary Jo Hudson discusses IIPRC.
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
For more information, visit www.insurancecompact.org.