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IIPRC
ADDS INDIVIDUAL DISABILITY INCOME
PRODUCT LINE
WASHINGTON,
D.C. (Jan. 11, 2012)
- Companies can now submit product filings under the Individual Disability
Income Insurance Uniform Standards, which were adopted last September by
the Interstate Insurance Product Regulation Commission (IIPRC). All Compacting
States are participating in these Uniform Standards and accepting
individual disability income insurance product filings submitted for
approval to the Compact.
"With
the addition of the individual disability income product line, the Compact
marks another major milestone as it now has Uniform Standards for all
individual asset-based product lines authorized by the Compact
legislation," said Roger A. Sevigny, IIPRC Chair and New Hampshire
Insurance Commissioner. "Companies in the individual market can now
file an even wider array of products through the Compact, thereby gaining
the efficiencies and cost-savings associated with preparing and submitting
one standard product for one review and approval across 41 Compacting
States."
The
IIPRC Office is offering a webinar
to provide filers with an overview of the disability income insurance
product filing submission process. The webinar will be offered at 3:00 pm
ET on the following dates: January 25, February 2, and February 8.
More information about the webinar may be found on the IIPRC website or by contacting the IIPRC
Office.
A new
Filing Information Notice (FIN) is available on the IIPRC website to assist
all insurance companies with submitting their product filings. Filing Information
Notice 2012-1: Individual Disability Income Insurance Filings advises
as to the particular steps that should be followed when submitting
disability insurance product filings to the IIPRC, including combination
and "mix and match" product filings. The Reviewer Checklists for
individual disability income insurance Uniform Standards are also available
on the Insurance
Company Resources page of the website as a tool to assist insurance
companies with the satisfaction of all submission requirements and policy
provisions.
About
the Commission
Currently, 41 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, 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.
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