IIPRC Releases Annual Report, Meets in Orlando

IIPRC News Release

IIPRC Releases Annual Report, Meets in Orlando

Orlando, Fla (April 6, 2019) – The Interstate Insurance Product Regulation Commission convened its first in-person meeting of 2019 on Friday in Orlando ahead of the NAIC’s Spring 2019 National Meeting. The Commission welcomed the District of Columbia as the 46th Compacting State, released its 2018 Annual Report, and commenced strategic planning discussions.

The Annual Report highlighted the important work of the Commissioners and regulators in the Compacting States including developing amended standards for individual disability income and new standards for group annuities.  The Commission showcased positive growth in multiple aspects of its operations, especially record product filing volumes and revenue ending 2018 with its first meaningful positive net revenue. During the meeting, the Commission received reports from its committees with an update on the organization’s strong financial performance in the first quarter of 2019 and a successful launch of its expedited review program pilot.

Over the course of 2019, the Commission will be developing a member-driven, long-term strategic plan. The Commission held a special strategy session and dedicated time during its in-person meeting to discuss and receive feedback on the opportunities, challenges and strategic direction for the Commission over the next three-to-five years.

“The Commission is seeing the results of its perseverance to fulfilling the Insurance Compact’s purposes by welcoming its 46th member, updating Uniform Standards, handling the biggest jump in filing volume in operational history along with sustained growth in self-generated revenue,” said Ohio Insurance Director Jillian Froment, Chair of the Commission. “In its twelfth year of operations, we need to set strategic priorities  to guide us through this formative stage, ensuring we continue to evolve while focused on our mission.  We welcome the invaluable input from Commissioners, regulators, state legislators, consumer and industry representatives, company filers and others as we take this journey.”

About the Commission

Currently, 46 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, 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.

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.

For more information, visit www.insurancecompact.org.

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