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ALABAMA BECOMES 40TH MEMBER OF COMPACT
Alabama State Representative Greg Wren joined by Commissioner Jim Ridling (right) and Deputy Insurance Commissioner Ragan Ingram (left) watch as Alabama Governor Robert Bentley signs the Alabama IIPRC legslation. Rep. Greg Wren sponsored the IIPRC legislation and Alabama became the 40th state to join the IIPRC on June 16, 2011. WASHINGTON,
D.C. (June 10, 2011)
- The Interstate Insurance Product Regulation Commission (IIPRC) reached a
milestone today when Alabama Governor Robert Bentley signed House Bill 75,
making the Yellowhammer State the 40th member of the multi-state compact.
"Alabama has a rich history of participation in the development of
strong, consumer-oriented uniform standards," said Roger A. Sevigny, IIPRC
Chair and New Hampshire Insurance Commissioner. "I commend Commissioner
Ridling and his leadership team for their pursuit of this legislation. Alabama
consumers will benefit from the speed-to market delivery of asset-based
insurance products that uphold strong consumer protections."
"We are proud to join our fellow compacting states in transforming the
process for approval of asset-based insurance products," said Jim L.
Ridling, Alabama Insurance Commissioner. "I want to thank Governor
Bentley and the Alabama legislature, with special thanks to Representative
Greg Wren, for recognizing the importance of working collaboratively with
our fellow states to achieve meaningful uniformity for asset-based product
content requirements."
Effective June 23, companies can add Alabama to their IIPRC product filings
submissions.
About
the Commission
Currently, 40 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New
Jersey, 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.
For
more information, visit www.insurancecompact.org.
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