WASHINGTON, D.C. (June 23, 2008) - The Interstate Insurance Product Regulation Commission (IIPRC) recently welcomed the Pelican and Palmetto states as its newest members. The IIPRC now represents 54 percent of nationwide insurance premium volume.

"Louisiana and South Carolina's adoption of the Compact further signifies that the IIPRC is a viable regulatory tool for modernizing the way insurance products are brought to market," said West Virginia Insurance Commissioner Jane Cline, chair of the IIPRC Management Committee. "We look forward to the Commission's continued growth, as well as the addition of new member states and new product standards."

Forty-four uniform standards have been adopted by the IIPRC since its inception two years ago. The IIPRC provides streamlined review of life, annuity, disability income and long-term care insurance products. Insurers may make one filing under one set of rules for one approval that is valid in all IIPRC member jurisdictions.

"South Carolina is pleased to join the ranks of states accepting IIPRC filings," said South Carolina Insurance Director Scott Richardson. "Membership in the IIPRC will allow us to reallocate staff to other important consumer-protection activities, such as market conduct and financial solvency examinations, while allowing us to continue to provide prompt product review and approval."

IIPRC product filings generally will be reviewed and approved for use in all compacting states within 60 days or less from the date of initial submission. Filing review operations are conducted online through the National Association of Insurance Commissioners' (NAIC) System for Electronic Rate and Form Filing (SERFF).

"By enacting the Compact, Louisiana is better able to collaborate with other states on issues of national concern, while continuing to respond to the specific insurance needs of our local residents," said Louisiana Insurance Commissioner Jim Donelon. "IIPRC represents the best of both worlds - quick, effective product approval for insurers, along with high-quality protections for consumers."

About the Commission

Currently, 33 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, 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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