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.