IIPRC CONVENES, RELEASES 2015 ANNUAL REPORT
WASHINGTON, D.C. (April
3, 2016) - The Interstate Insurance Product Regulation Commission (IIPRC) met Saturday in New Orleans and also released its 2015 Annual Report highlighting the Commission's continued growth and accomplishments.
In 2015, the Commission added three new full-time employees to product review operations, proposed the 100th uniform standard and modernized the IIPRC website. The Commission made impressive strides in product standards development by undertaking a five-year review of several uniform standards and debuting proposed uniform standards for a new product line.
"The 2015 Annual Report illustrates our collective efforts to ensure comprehensive, consumer-focused uniform standards and first-class product operations of experienced reviewers and actuaries," said Jacqueline K. Cunningham, IIPRC Chair and Virginia Insurance Commissioner. "The Commission delivers on speed-to market and uniformity with companies reporting significant cost and administrative savings using the Commission to file and receive approval in a 30-day review period."
At the meeting, the IIPRC voted to put the Group Disability Income Insurance Uniform Standards adopted in February on hold for Wyoming and Montana while they pursue their respective opt-outs, noting these uniform standards will become effective for all other Compacting States on June 8, 2016. The IIPRC committed to clarifying the provision in its life insurance uniform standards that prohibits a war exclusion for known members of the military. The IIPRC also completed updating product standards for several life insurance and annuity features that will take effect in July.
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.