FOR IMMEDIATE
RELEASE |
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INSURANCE COMPACT REPORTS CONTINUED SUCCESS
Adopts New Standards, Registers More Companies,
Debuts ‘TOI Link’
SAN DIEGO (March 14,
2009) - The Interstate Insurance Product Regulation
Commission (IIPRC) met today, adopting three new uniform
standards for annuity and life insurance benefit features. The
IIPRC has now adopted more than 50 uniform standards in two
years, continuing to provide greater flexibility to companies
in their product filing options.
In addition, the number of
companies registered so far this year has already exceeded the
total registrations in 2008, as more companies realize the
tremendous competitive and cost-saving benefits of being able
to prepare one filing, submit it to one place and receive
approval in 60 days or less in up to 33 jurisdictions.
"As we add more standards and
states and make the filing process easier, more companies are
choosing the IIPRC," said West Virginia Insurance Commissioner
Jane Cline, chair of the IIPRC Management Committee. "These
days, companies must find ways to reduce administrative costs
and get products through the regulatory approval process
faster - and the IIPRC has a track record of making these
possible."
Also at its meeting today, the
IIPRC debuted the TOI Link, a new tool for regulators and
filers. The TOI Link connects the IIPRC uniform standards and
the NAIC's product coding matrix, providing a functional
roadmap of where the standards fit within the types and
sub-types of insurance found in the SERFF filing system.
Companies can leverage this speed-to-market tool to further
increase the ease and efficiency of filing with the IIPRC.
The IIPRC is quickly becoming the
preferred option for filing, especially as more states join
the Compact. Mississippi is expected to become the newest
IIPRC member, as its legislature recently passed the Compact
and has sent the legislation to Governor Haley Barbour for
signature. Four other states have pending legislation, with
other state regulators and legislators expressing interest in
the Compact. |

About the IIPRC
Currently, 33 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members
are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Nebraska, New Hampshire, 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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