INDUSTRY SURVEY SHOWS HIGH MARKS FOR
IIPRC Ranks High Among Users on
Independent Research Survey
WASHINGTON, D.C. (October 26,
2009) - A new survey reveals a high level of satisfaction
for users of the Interstate Insurance Product Regulation Commission
(IIPRC). Independently conducted by Milliman Inc., the purpose of
the survey was to identify why companies have not registered with or
filed IIPRC submissions and to measure the experience of the
companies who have registered.
The IIPRC received high marks for 1)
speed of form submission, review and approvals; 2) clear and
user-friendly standards; 3) accessibility of IIPRC staff; and 4)
greater ease in creating back-end approval documentation.
"We believe the positive feedback in the
survey reflects a growing recognition in the industry about the
inherent benefits of the IIPRC," said Mary Jo Hudson, IIPRC Chair
and Ohio Insurance Director. "In just three short years, the IIPRC
has evolved into an innovative and efficient process for companies
to secure approval in 36 jurisdictions in 60 days, or currently much
less time, through a single filing."
The top reason provided by companies for
not yet registering with the IIPRC was concerns with the timeline
associated with mix and match. The IIPRC eliminated this timeline in
July 2009, resolving this issue. Other reasons included filing with
the IIPRC was not yet cost justified and companies were awaiting
additional uniform standards. Companies participating in the IIPRC
had a generally more favorable impression, finding the costs were
reasonable in relation to the time saved and other benefits of
obtaining one approved filing for 36 states.
"These survey results provide us with an
important opportunity to clarify perceptions and address concerns in
our continued commitment to enhancing the speed-to-market experience
for companies," said Kim Holland, IIPRC Communications Chair and
Oklahoma Insurance Commissioner. "Identifying areas of improvement
remains an integral part of the IIPRC’s evolving nature."
to view full report.
About the Commission
Currently, 36 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, Mississippi, Missouri, Nebraska, New Hampshire, 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
For more information, visit www.insurancecompact.org.