Missouri Governor Jay Nixon has signed HB 577 to have Missouri become the 36th member of the Interstate Insurance Product Regulation Compact (IIPRC). With the addition of Missouri, the current compacting states in the Commission represent close to 60 percent of the nationwide premium volume for individual and group life, annuity, long-term care and disability.
Fifty-four uniform standards have been adopted by the IIPRC since its inception in 2006. The IIPRC provides streamlined review of life, annuity, disability income and long-term care insurance products. Insurers may make one filing under one set of rules for one approval that is valid in all IIPRC member jurisdictions.
“We are looking forward to the many benefits of Commission membership,” said John M. Huff, Director of the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP). “Missouri consumers will have access to products that must meet detailed Uniform Standards with strong consumer protections and our companies will have access to a fast, cost-effective product filing process. I appreciate the commitment and support of Governor Nixon and the legislature to participate in this successful and collaborative state-based initiative.”
Currently, 36 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, 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.
Source: IIPRC
Topics Legislation Missouri
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