IIPRC MEETS IN CHICAGO
Compact Receives Recommendations, Welcomes New Members
(Aug. 16, 2015)
— The joint meeting of the Management Committee and Interstate Insurance
Product Regulation Commission (IIPRC) was held on Friday, August 14 in
extremely pleased that we received several important recommendations from
our working committees for further comment and consideration by the
Commission," said Texas Insurance Commissioner David Mattax, who also
serves as the chair of IIPRC. "I am impressed not only by the
dedication of our regulators in Compacting States but also by all of those
who provide input to our process in developing detailed and comprehensive
uniform standards and providing recommendations for continuous enhancement
of our filing and operational processes."
discussed at the meeting include the consideration of eight new uniform
standards for group disability income products as well as proposed
amendments to the 2016 Schedule of Fees. The Commission‘s Product Standards
Committee is also undertaking a five-year review of several individual
annuity uniform standards and the suite of uniform standards for the
individual long-term care insurance product line. The Technology and
Rulemaking Committees of the IIPRC have also surveyed the Compacting States
to elicit feedback on important operational aspects of the Compact filing
process for future recommendations.
also appreciate the commitment of our state legislators serving on the
Commission‘s Legislative Committee and the support and participation of
their colleagues in our state legislatures to help the IIPRC remain a
successful state-based regulatory model for collaboration and
efficiency," Mattax added.
welcomed several new commissioners from Compacting States as well as
several members of the IIPRC Legislative Committee. This includes Chair
Maryland Senator Delores Kelley; Vice Chair Alaska Representative Kurt
Olson; Rhode Island Representative Brian Patrick Kennedy; Indiana Senator
Travis Holdman; Arkansas Senator Jason Rapert; and Kentucky Representative
Currently, 44 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, Alaska, Arizona, 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.
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.
more information, visit www.insurancecompact.org.