WASHINGTON, D.C. (March 18, 2009) - The Interstate Insurance Product Regulation Commission (IIPRC) welcomed the Magnolia State as its newest member yesterday, following Mississippi Gov. Haley Barbour's signature on SB 2841.

“We are excited to welcome Mississippi as the first state to join the Compact in 2009,” said West Virginia Insurance Commissioner Jane Cline, who is chair of the IIPRC Management Committee.  “It is a good time to join the IIPRC, as the IIPRC’s central product filing platform has proven to be an efficient, cost-effective way to do business – for regulators and insurers alike.”

In five years, 34 jurisdictions have enacted Compact legislation, representing approximately 55 percent of the nationwide premium volume for life, annuity, long-term care and disability income insurance products. More than 50 uniform standards have been adopted to date, and filings received by the IIPRC are currently being reviewed and approved within an average turnaround time of less than 30 days.

"I thank the legislators and governor for passing this important compact, which protects Mississippi consumers," Mississippi Insurance Commissioner Mike Chaney said. "The compact legislation is important for modernization of the product filing review and approval process for Mississippi companies and consumers." 

The IIPRC conducts its filing review operations online through the National Association of Insurance Commissioners' (NAIC) System for Electronic Rate and Form Filing (SERFF). With the IIPRC, insurers may make one filing under one set of rules for one approval within a 60-day turnaround time that is valid in all IIPRC member jurisdictions.

About the Commission

Currently, 34 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, 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.

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© 2009 Interstate Insurance Product Regulation Commission. All rights reserved.