NAIFA, AHIA Appointed to Interstate Compact Advisory Committee

At a meeting held on March 9, 2007, the Interstate Insurance Product Regulation Commission appointed NAIFA and AHIA as the producer representatives to the Commission’s permanent eight-member Industry Advisory Committee. In addition to NAIFA and AHIA, the Committee’s membership includes representatives from the ACLI, America’s Health Insurance Plans (AHIP), and several life and health insurance companies. Along with the Legislative Committee and the Consumer Advisory Committee, the Industry Advisory Committee provides assistance and input to the Commission on proposed Commission operating rules and product standards.

At the meeting, the Commission also voted to publish for notice and comment eight sets of product standards addressing term life and whole life insurance products, which were developed by the Commission’s Product Standards Committee. Following the 60-day comment period, the proposed standards will be considered by the Commission for final adoption. To date the Commission has completed final adoption of 14 uniform product standards; work on uniform standards for variable annuity products will begin in spring 2007.

The Interstate Compact Commission is a major effort to reform one piece of state insurance regulation by improving the speed-to-market conditions for life, annuity, long-term care and disability income products. The Compact Commission will enable those products to reach consumers faster by allowing companies to file products with the Commission for approval in every state that enacts the compact law. NAIFA supports the compact, which has already been adopted by 29 states, so that new products satisfying uniform standards will be available sooner for agents to offer their clients.

Back to March 15, 2007, NAIFA Frontline