DOVER, DE (August 9, 2021) - Delaware is the 47th jurisdiction to join the Interstate Insurance Product Regulation Commission (Insurance Compact). Governor Carney signed HB 229, which is effective immediately. Delaware joins jurisdictions across the country and its territories who have committed to a national state-based system of efficient product regulation with strong consumer-centric standards for insurance offerings. Compact membership will increase availability of annuity, life, and disability income insurance products to Delaware consumers through simplified product filing processes.
"We sought to enable Delaware's membership in this important national coalition this legislative session not because nearly every other state has joined, but because we took two years to explore the idea, comparing our law and Compact standards, reviewing filings, and working to assess the efficiencies and increased competition that membership could provide our state. We are joining the Compact because it is the best thing for our state, and our residents," shared Insurance Commissioner Trinidad Navarro. "I want to thank Governor Carney for signing this important legislation, and express my gratitude to our sponsors Senator Spiros Mantzavinos and Representative Bill Bush, who championed this bill alongside more than a dozen other important insurance proposals this session."
"On behalf of my fellow member jurisdictions, I extend a warm welcome to Delaware as it joins the Insurance Compact," said Elizabeth Kelleher Dwyer, Insurance Compact Chair and Rhode Island Superintendent. "Commissioner Navarro and his staff will make an excellent addition to a coalition dedicated to modernizing the regulatory process for review and approval of asset-protection insurance products. I would like to also thank Governor Carney and the Delaware legislature for this opportunity to further grow our membership."
Effective August 16, 2021, filers may begin to add Delaware to submitted or previously approved annuity, life insurance, and disability income product filings. The state is not participating in long-term care insurance product filings through the Compact at this time.
The Insurance Compact 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 Insurance Compact 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 the Insurance Compact's website.