OREGON ACCEPTING IIPRC PRODUCT FILINGS
D.C. (Jan. 19, 2012)
- The Interstate Insurance Product Regulation Commission (IIPRC) is now
accepting product filings on behalf of Oregon, which became an official
member on January 1, 2012, and is participating in Uniform Standards for
all adopted product lines including individual life, annuities, long-term
care and disability income insurance products.
"We are pleased Oregon is the 41st Compacting State to start
accepting product filings submitted and approved through the IIPRC under
strong, detailed Uniform Standards," said Roger A. Sevigny, IIPRC Chair and
New Hampshire Insurance Commissioner. "With the addition of Oregon,
efficiency-minded companies doing business in the individual asset-based
insurance market have another compelling reason to register and file
through the IIPRC and reap the immediate speed-to-market advantages of
preparing and submitting one standard form for one review and approval
under one set of product standards."
"We have appreciated the opportunity to work with our fellow Commission
members and the IIPRC Office as we prepared to accept IIPRC-approved
product filings," said Acting Oregon Administrator Louis D. Savage. "We
welcome this stage of membership and look forward to working with our
fellow Commission members in the IIPRC’s ongoing development."
Registered companies can now include Oregon on new, pending and
previously-approved product filings. For more information on how to
add Oregon to an already-submitted filing, please refer to the "How to Add
a State" instructions on the Insurance
Company Resources web page or contact the IIPRC Office at 202-471-3962.
Currently, 41 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, 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, Oregon, Pennsylvania,
Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont,
Virginia, Washington, West Virginia, Wisconsin and Wyoming.
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.
more information, visit www.insurancecompact.org.