The Interstate Insurance Product Regulation Commission adopted a $1.4 million 2008 budget by a vote of its full membership in a public teleconference yesterday.
Following a comprehensive comment period, including a public hearing before its Management Committee last week, the Insurance Compact adopted a $1.4 million operating budget. The major expenditures detailed are for the continued start-up of the Insurance Compact’s product filing operations.
“In anticipation of increased filings, our 2008 budget reflects our intention to bring new product review staff on board from the regulatory ranks, upgrade our multi-state filing capabilities and continue outreach efforts to encourage more states to join the Insurance Compact,” said Executive Director Frances Arricale.
Under the mandate of the compact statute adopted by each of its 30 member jurisdictions, the Insurance Compact provides the central point of product filing under national standards to promote speed-to-market, uniformity and efficiency in state-based insurance regulation. During 2007, the Insurance Compact initiated its streamlined, electronic filing platform and received initial life insurance filings by insurers.
The Insurance Compact uses the National Association of Insurance Commissioners’ (NAIC) System for Electronic Rate and Form Filing (SERFF) application to process its product filings.
“We anticipate a productive 2008 at the Insurance Compact, as we look forward to continuing to work with our members, legislators, consumer representatives and the insurance industry in meeting our regulatory modernization goals,” Arricale said.
The Insurance Compact’s 2008 adopted budget is available online at www.insurancecompact.org.
Currently, 30 members have joined the Interstate Insurance Product Regulation Commission. Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.
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.
Source: Interstate Compact