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IIPRC MARKS 10TH
ANNIVERSARY
Commission Also Highlights 2013 Achievements in Annual
Report
ORLANDO (March 29, 2014) - The Interstate
Insurance Product Regulation Commission (IIPRC) celebrated the ten-year
anniversary of the creation of the Compact at its meeting in Orlando on
March 28.
Ten years ago this month, Colorado was the first state to enact the model
Compact legislation into law. Utah followed shortly afterwards, thereby
legally creating an interstate compact between states. Today, 42 states and
Puerto Rico have enacted the Compact, creating a state-based vehicle to
standardize and modernize the product approval process for life, annuities,
long-term care and disability income insurance products.
"In that first year, we had nine states enact the Compact and I am proud to
say New Hampshire was one of those states," said IIPRC Chair and New
Hampshire Insurance Commissioner Roger A. Sevigny. "Working together, we
have made tremendous progress by increasing the membership of states,
developing a wide breadth of comprehensive, detailed, consumer-focused
uniform standards, and seeing ever-increasing industry utilization."
The Commission also released its 2013 Annual Report, highlighting
noteworthy advancements such as the addition of Arkansas and Montana as
compacting states; the implementation of the first set of group uniform
standards; and achieving financial break-even for the first time in its
operational history.
"I want to thank all those who have provided their time and expertise in
our ongoing development, especially our Members and their staffs, state
legislators, company filers, and consumer and industry representatives,"
said Sevigny. "We are focused on the path to full implementation and look
forward to welcoming more states, developing more uniform standards, and
being the speed-to-market-solution for even more efficiency-minded
companies. "
Click HERE
to view the IIPRC Annual Report.
About the Commission
Currently, 43 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, Alaska, Arkansas, Colorado, 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.
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