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.

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