The Insurance Compact Releases 2019 Annual Report
WASHINGTON (April 2, 2020) — The Interstate Insurance Product Regulation Commission (Insurance Compact) released its 2019 Annual Report outlining key achievements and strong financial results.
The Annual Report highlights the important work of the Commissioners and regulators in the Compacting States, including drafting and adopting the Insurance Compact Compass – Strategic Plan: 2020 – 2022. The Compass serves as a navigation tool to enhance interstate collaboration, uniformity, and speed-to-market by setting three overarching priorities, each with three objectives covering a total of 28 measurable action items.
Last year, the District of Columbia was the 46th Compacting State to accept product filings during an unprecedented year in terms of the number of registered companies, volume of product filings, and net positive revenue. Another key accomplishment was the significant work product completed on Uniform Standards development, including the adoption of Uniform Standards for group annuity.
"The Annual Report showcases the achievements of this collective body of Commissioners and regulators, working with state legislators and consumer and industry representatives, to bolster a national framework for state-based insurance product regulation," said Elizabeth K. Dwyer, Rhode Island Insurance Superintendent and Chair of the Commission.
"Our member-driven strategic plan, when coupled with exceptional filing activity, growing participation of member states, and tremendous progress on Uniform Standards development, has set a path for success and continuous improvement in service to the Compacting States, the policyholders they protect and the entities they regulate."
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.