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IIPRC WELCOMES ARKANSAS, MONTANA TO COMPACT
INDIANAPOLIS, Ind. (Aug. 25, 2013) -The Interstate Insurance Product Regulation Commission (IIPRC) met in Indianapolis and welcomed Arkansas and Montana as the newest members of the successful state-centric initiative.
Arkansas enacted the Compact legislation in April, which became effective in August. Companies can now add Arkansas to new, pending and previously approved product filings as of August 29.
"We are excited to join our fellow states in embracing strong, detailed uniform standards for products that undergo a thorough and rigorous prior review and approval by the IIPRC's experienced regulatory analysts and actuaries," said Arkansas Insurance Commissioner Jay Bradford. "I would like to thank Arkansas State Senator Jason Rapert, Chair of the Senate Insurance and Commerce Committee, for his leadership, and recognizing our membership in the Compact will be beneficial for our marketplace as it continues to protect our consumers while enhancing speed-to-market efficiencies."
Montana also enacted the Compact legislation, which will become effective in October for life and annuities uniform standards and product lines.
"The Compact is an important uniformity initiative that fosters the development and application of comprehensive, stringent uniform standards," said Montana Commissioner of Securities and Insurance Monica Lindeen. "With our constitutional unisex requirement, we are pleased the Compact can accommodate the needs of our citizens as well as allow companies to utilize the Compact review and approval framework."
In addition, the IIPRC Management Committee appointed Fred Nepple to serve on its Consumer Advisory Committee. Nepple is a former Chief Counsel at the Wisconsin Office of the Commissioner of Insurance, who recently retired after 27 years of service. He is a 2003 recipient of the Robert Dineen Award, which is the highest honor bestowed upon regulators from the National Association of Insurance Commissioners (NAIC).
"Given his long career of protecting consumer interests, Fred will be an invaluable addition to this important committee," said IIPRC Chair and New Hampshire Insurance Commissioner Roger A. Sevigny. "We appreciate his desire and commitment to lending his expertise and perspective to the Commission and its activities."
The IIPRC now has 43 Compacting States, including Puerto Rico, representing a combined 72% of the nationwide premium volume written for asset-based insurance products including life, annuities, long-term care and disability income.
About the Commission
Currently, 43 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arkansas, Colorado, 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.