Maine Superintendent of Insurance Alessandro A. Iuppa reported that Maine has become the sixth state to join the Interstate Insurance Product Regulation Compact Commission, a commission which has been developed by the National Association of Insurance Commissioners (NAIC).
The commission will create uniform review standards and a single point of filing for insurance companies marketing individual and group life insurance, annuities, disability income and long term care insurance in any of the states that are members of the new interstate commission.
“Maine’s participation in the commission is a major step toward bringing the necessary efficiency and uniformity to insurance regulation among the 50 states,” said Iuppa. “The commission will relieve some of the burden on insurers by establishing a single point of filing where insurers will be able to file new products in the targeted lines of insurance for review and approval. This is a much more efficient process for insurers who often have different filing requirements for each state where they sell their products, but more importantly it facilitates the introduction of new products to meet consumer needs and demands” stated Iuppa.
Products approved by the commission will be approved for use in all states that participate in the compact. States that are members of the commission will develop uniform product standards, which will take effect in all member states 90 days after adoption by the compact commission. Maine is the sixth state to adopt the compact, and another 24 states have either introduced or are planning to introduce legislation to join the compact.