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BEAVER STATE JOINS IIPRC
Oregon Becomes 41st Member of Multi-State Compact
WASHINGTON,
D.C. (July 5, 2011)
- Oregon Governor John Kitzhaber signed HB 2095 into law, making Oregon the
41st state to join the Interstate Insurance Product Regulation Commission
(IIPRC). Oregon joins three other states that have enacted the IIPRC in 2011
including New Jersey, Nevada and Alabama. Compacting States now represent
more than three-quarters of all states and almost 70% of the nationwide
premium volume for asset-based insurance products.
"We
are very excited to have Oregon join our ranks and reap the benefits of
working together to deliver speed-to-market through Uniform
Standards," said Roger A. Sevigny, IIPRC Chair and New Hampshire
Insurance Commissioner. "The IIPRC is transforming the product
approval process for many companies by allowing these states to accept
standardized, asset-based insurance products that comply with detailed,
consumer-oriented uniform product content requirements."
"We
look forward to the benefits of being a member of the Compact," said
Teresa D. Miller, Oregon Insurance Administrator. "I want to commend
the legislature and Governor Kitzhaber for enacting this important
legislation for Oregon consumers and industry. We are proud to join our
sister states in providing speed-to-market and meaningful uniformity under
an umbrella of robust consumer protections."
Pursuant to
HB 2095, Oregon will join the IIPRC effective January 1, 2012.
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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