ARKANSAS A 'NATURAL' ADDITION TO COMPACT
“The Natural State” Becomes 42nd Member To Enact Compact Legislation
WASHINGTON, D.C. (April 29, 2013) - Arkansas Governor Mike Beebe signed SB1170, enacting the Interstate Insurance Product Regulation Compact (Compact). The bill was introduced by Senator Jason Rapert, Chair of the Arkansas Senate Insurance and Commerce Committee, and co-sponsored by Representative Mark Biviano.
“We applaud Arkansas on its enactment of this legislation and welcome it as the 42nd Compacting State,” said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. “Now insurers can deliver robust insurance products with consumer-friendly features in an efficient and uniform manner to even more of their Arkansas policyholders.”
“Arkansas is pleased to join the growing ranks of states accepting Compact filings,” said Jay Bradford, Arkansas Insurance Commissioner. “I appreciate the stewardship of Senator Rapert, lead sponsor of this bill, and Governor Beebe’s support of this legislation strengthening our state-based system of insurance regulation. The Compact ensures these products are thoroughly reviewed under comprehensive uniform product content requirements for the benefit of consumers.”
“I am a strong believer in promoting efficiencies for insurers doing business in Arkansas while ensuring our consumers have options for insurance products while maintaining important consumer protections,” said Senator Rapert.
“I was happy to spearhead this legislation to enable Arkansas to join this national, state-based initiative,” Representative Biviano added. “This legislation should help break down regulatory barriers, thereby enticing companies to our state and providing for a more competitive market.”
The Compact legislation will become effective approximately ninety (90) days after sine die of the Arkansas legislature.
About the Commission
Currently, 41 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, Oregon, 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.