IIPRC RELEASES 2012 ANNUAL REPORT
WASHINGTON, D.C. (April 18, 2013) - The
Interstate Insurance Product Regulation Commission (IIPRC) released its
Report, highlighting major accomplishments from the past year.
"We are pleased to report that 2012 was marked by the achievement of
key milestones and progress in many areas of our operation and
development," said Roger A. Sevigny, IIPRC Chair and New Hampshire
Insurance Commissioner. "With the increase in Compacting States and Uniform
Standards, we witnessed a dramatic rise in the number of product filings
from even more efficiency-minded companies leveraging the speed-to-market
benefits and savings of filing with the IIPRC."
In 2012, Oregon began accepting IIPRC-approved products under all Uniform
Standards, increasing participation in the Compact and its Uniform
Standards to 41 Compacting States representing 70% of the nationwide
asset-based premium volume. The IIPRC adopted more product lines for
individual disability income products as well as its first Uniform
Standards for group term life for employer/employee products, bringing the
total number of adopted Uniform Standards to 86 by the end of the
year. Approximately 170 small, medium and large companies and fraternals,
representing a combined 75% of the asset-based nationwide premium volume,
registered to file, resulting in an increase of 60% over 2011 filing
volumes. In addition, the IIPRC experienced a 98% retention of
companies registering year over year.
"Our 2012 Annual Report reflects five years of growth and success in
our product filing activity," said Sevigny. "We recognize the
dedication and hard work of our members, their staffs and the participation
of the state legislators, companies, and consumer and industry
representatives. We look forward to continuing to develop more uniform
standards, welcoming more Compacting States and increasing industry
utilization of the IIPRC’s filing process for speed-to-market and
to view the Annual Report.
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.