Compact Welcomes Legislators, Advances
PHILADELPHIA (Aug. 6, 2017)
- The Interstate Insurance Product Regulation Commission (Compact) met on Aug. 5 to advance uniform standard developments. The Compact adopted amendments to several Annuity and Life Uniform Standards, held a public hearing on a new provision to its core annuity uniform standards and confirmed drafting efforts of the Product Standards Committee or incidental benefit features.
The Compact welcomed several state legislators to the meeting including Indiana Senator Travis Holdman, Ohio Senator Bob Hackett, Arkansas Senator Jason Rapert, Kentucky Representative Steve Riggs and Vermont Representative Bill Botzow.
“The Compact has built a strong state-based regulatory platform for uniformity and speed-to-market through the dedication of regulators, state legislators and consumer advocates,” said Jacqueline Cunningham, Virginia Insurance Commissioner and Commission Chair. “With more than 100 Uniform Standards that are comprehensive, detailed and consumer-oriented, compacting states and filing companies can be assured Compact-approved products have undergone thorough review before reaching the marketplace.”
The Compact recognized Connecticut as the 45th official Compacting State. Since joining the Compact on July 1, Connecticut has already been included on more than 600 approved and pending product filings. This year marks 10 years since the Compact approved its first product filing in 2007. The Compact has approved more than 5,800 insurance products submitted by more than 250 insurance companies. Products filed include all individual life, annuities, long-term care and disability income insurance and group term life and disability income insurance product lines.
The Compact will convene by conference call twice before the end of the year.
About the Commission
Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, 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.