Nevada Gov. Brian Sandoval has signed AB23 enacting the Interstate Insurance Product Regulation Commission (IIPRC). With the addition of Nevada, the IIPRC now has 39 states that have joined the compact, representing more than two-thirds of the nationwide asset-based insurance premium volume.
“We are delighted to have Nevada join the growing ranks of states that realize the power of working together to establish Uniform Standards for asset-based products,” said Roger A. Sevigny, IIPRC chair and new Hampshire insurance commissioner.
Brett J. Barratt, Nevada insurance commissioner, said the compact “will benefit both Nevada consumers and industry by leveraging technology, reducing paperwork, and streamlining insurance regulation while offering thoroughly reviewed insurance products with strong consumer protections.”
Pursuant to AB23, Nevada will join the IIPRC effective October 1, 2011.
States that have joined the Interstate Insurance Product Regulation Commission (IIPRC) include Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.