WASHINGTON, D.C. (April 8, 2009) - The Interstate Insurance Product Regulation Commission (IIPRC) welcomed the Land of Enchantment as its 35th member yesterday, following New Mexico Gov. Bill Richardson's signature on SB 15.

“We are extremely pleased that New Mexico has joined its fellow states in enacting this national state-based Compact to provide one-stop regulatory approval based on strong consumer protection standards,” said West Virginia Insurance Commissioner Jane Cline, who is chair of the IIPRC Management Committee. “Through the IIPRC, companies can make one insurance product filing under one set of requirements and receive one approval effective in all Compact jurisdictions.”

In five years, 35 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.

"Joining the Compact has been one of my top priorities, as I strongly believe New Mexico and its consumers will benefit from having access to products reviewed under detailed uniform standards with strong consumer protections - and its companies will benefit tremendously from this efficient, cost-effective filing process,” said New Mexico Insurance Superintendent Morris J. (Mo) Chavez. “I appreciate the support from the legislature and Governor Richardson to enact this important Compact between the states.”

The IIPRC conducts its filing review operations online through the National Association of Insurance Commissioners' (NAIC) System for Electronic Rate and Form Filing (SERFF).

About the IIPRC

Currently, 35 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, 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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© 2009 Interstate Insurance Product Regulation Commission. All rights reserved.