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IIPRC MEETS IN LOUISVILLE
Compact Welcomes New
State, Clarifies Life Standards
LOUISVILLE,
KY (Aug. 16, 2014) — The Interstate Insurance Product Regulation
Commission (IIPRC) met in Louisville on August 15. Joining the IIPRC for
the first time was the Compact’s newest member, Arizona, which became the
44th Compacting State on July 24, 2014. Arkansas State Senator Jason Rapert
was added to the Legislative Committee, appointed by the National
Conference of State Legislatures. Senator Rapert serves as the Chair of the
Arkansas Senate Insurance & Commerce Committee and was instrumental in
introducing and guiding the passage of the Compact legislation in 2013.
Also
during the meeting, the IIPRC provided a response to the Florida Office of
Insurance Regulation (FLOIR) that the legislation adopted by the Florida
legislature in 2013, which became effective on July 1, contained several
material variances from the Compact legislation and therefore was not an
effective acceptance to join the Compact.
“We
commend the Florida legislature for expressing its desire to join this
important and successful state-centric organization focused on developing
strong, consumer-oriented uniform standards for asset-protection insurance
products,” said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance
Commissioner. “We look forward to working with Florida to address their
concerns and hopefully remove the variances to allow them to participate in
the IIPRC.”
The
IIPRC also adopted amendments to 30 life uniform standards that were
subject to its periodic five-year review process. These amendments, which
were substantially clarifying in nature, will become effective later this
year and will apply on a going-forward basis.
About
the Commission
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.
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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