"Silver State" Becomes 39th Member

WASHINGTON, D.C. (June 6, 2011) - Nevada Governor Brian Sandoval signed AB23 enacting the Interstate Insurance Product Regulation Commission (IIPRC). With the addition of Nevada, the IIPRC now has 39 Compacting States representing more than two-thirds of the nationwide asset-based insurance premium volume.

"We are delighted to have Nevada join the growing ranks of states that realize the power of working together to establish Uniform Standards for asset-based products," said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. "Companies reap tremendous benefits by filing one standardized product through the Compact, undergoing one review and receiving one approval for use in up to 39 Compacting States."  

"We look forward to joining our sister states in this important state-based organization," said Brett J. Barratt, Nevada Insurance Commissioner. "I want to thank the legislature and Governor Sandoval for passing this important initiative. It will benefit both Nevada consumers and industry by leveraging technology, reducing paperwork, and streamlining insurance regulation while offering thoroughly reviewed insurance products with strong consumer protections."

Pursuant to AB23, Nevada will join the IIPRC effective October 1, 2011. 

About the Commission

Currently, 39 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are 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, 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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