INTERSTATE COMPACT
BLOSSOMS
WITH ADDITION OF MAGNOLIA STATE
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.
For more information, visit www.insurancecompact.org.