Insurance Compact Assembles, Releases Annual Report
DENVER (April 7, 2017) — The Interstate Insurance Product Regulation Commission (Insurance Compact) met today and welcomed several new state insurance commissioners as well as two new members of its Legislative Committee, Rep. Sam Kito, D-Alaska and Rep. Bill Botzow, D-Vt.
The Insurance Compact also released its 2016 Annual Report underscoring another positive year. 2016 marks the 10th anniversary of the Insurance Compact's inaugural meeting when it reached its operational threshold. The Insurance Compact capped off its first decade with several accomplishments including adoption of the 100th Uniform Standard, a record number of company registrations and filings and more than 5,000 product approvals. These product approvals translate into saving more than 160,000 in separate state-by-state approvals while collecting and remitting nearly $2.5 million in state filing fees to compacting states.
In 2016, Connecticut was the 45th state to enact compact legislation, which will become effective on July 1. Through feedback gathered from regulator, industry and public focus groups, the Insurance Compact is excelling at serving as a transformative state-based regulatory tool to increase efficiency, uniformity and speed-to-market for more than three-quarters of the asset-based insurance marketplace.
"We are extremely proud to report on the Insurance Compact's impressive accomplishments in 2016 while celebrating our 10th anniversary" said Jacqueline K. Cunningham, Insurance Compact Chair and Virginia Insurance Commissioner. "With regulatory changes driving many companies to update their product portfolios, the Insurance Compact is well-positioned to provide quick turnaround for filings after a thorough review under our detailed, strong Uniform Standards."
About the Commission
Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, 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.