Celebrating Our 10th Anniversary of Product Filings
Ten years ago today, the Insurance Compact convened in San Francisco to adopt the Product Filing Rule ? the IIPRC Operating Procedure for the Filing and Approval of Product Filings. With this adoption, the Insurance Compact was able to begin accepting product filing submissions for review and approval. The Insurance Compact has come a long way since that meeting!
The Insurance Compact has received and approved over 5,700 products since the first filings were received on June 22, 2007. While the Product Filing Rule requires the review to be completed in 60 days or less, those first filings were approved in under 30 days, and today, our review time continues to be under 30 days. When product filings were first being submitted, there were 30 states available to be included in product filings. With our newest member state ? Connecticut ? effective for filing on July 18th, there will be 45 states available for life and annuity filings, and 39 for LTC and DI submissions. The available Uniform Standards have almost tripled, from the 36 available in 2007, to now 100 that are inclusive of all product lines available under the Insurance Compact legislation ? group and individual life and DI, along with individual annuities and long-term care.
The Insurance Compact could not be so successful without the dedication and determination of the state regulators and filing companies. Thank you to all who have been utilizing the Insurance Compact since the beginning and to those who just started this week. We look forward to working with you for the next 10 years!