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IIPRC RECOGNIZES FIRST
COMPANY TO RECEIVE APPROVAL ACROSS ALL INDIVIDUAL PRODUCT LINES
WASHINGTON, D.C. (July 17, 2012) - The
Interstate Insurance Product Regulation Commission (IIPRC) announced
Massachusetts Mutual Life Insurance Company ("MassMutual") is the
first company to receive approval across all individual insurance product
lines including life, annuities, long-term care and disability income.
MassMutual was also one of the first companies to submit a filing under the
individual disability income Uniform Standards implemented earlier this
year. Since December 2007, MassMutual has received IIPRC approval for 40
product filings, including 116 forms with an overall average review time of
36 days.
"I applaud MassMutual for being an industry leader in leveraging the
speed-to-market and uniformity benefits of filing through the IIPRC," said
New Hampshire Insurance Commissioner and IIPRC Chair Roger A.
Sevigny. "MassMutual has significantly reduced the number of days for
its product forms to be prepared, submitted, reviewed, approved and
deployed across 41 Compacting States while eliminating state variations and
delivering strong consumer protection features required by the Uniform
Standards."
"As a mutual life insurance company, we remain intensely focused on
delivering long-term value to our policyholders," said Mike Fanning,
executive vice president and head of MassMutual’s U.S. Insurance
Group. "We have supported the creation and adoption of the Interstate
Compact since its inception, and we believe the Compact has delivered on
its promise of improving the process for insurance carriers to develop and
deliver new products to market faster and more efficiently. It’s a
win-win for everyone."
More than 140 companies are registered to file products for IIPRC review
and approval under 82 Uniform Standards covering a wide array and
combination of insurance products and benefit features for individual life,
annuity, long-term care and disability income. Further, the IIPRC is now
seeking comments on Uniform Standards for group term life policies and
certificates as well as comments on the framework for group annuity Uniform
Standards and on the five-year review of certain Uniform Standards and
operating procedures.
For the remainder of 2012, companies can register to file under a prorated
registration fee of $2,500 ($1,250 for regional companies filing in 12 or
less Compacting States). The IIPRC’s filing process includes prompt, easy
access to a professional team of product reviewers and actuaries and many useful
filing tools. The IIPRC’s unique mix-and-match and add-a-state features can
accommodate product development needs.
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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