NAIFA Re-Appointed to Interstate Compact Industry Advisory Committee

At the fourth annual meeting of the Interstate Insurance Product Regulation Commission (IIPRC) held on September 21, NAIFA was re-appointed as a producer representative to the Compact’s Industry Advisory Committee (IAC). NAIFA will serve another two-year term on this Committee.

NAIFA will join such other industry partners as the American Council of Life Insurers (ACLI), America’s Health Insurance Plans (AHIP), and several life and health insurance companies. The IAC will provide assistance and input to the Commission on proposed operating rules and product standards.

The meeting highlighted the accomplishments achieved by the Compact over the last year. The Compact grew its membership to 36 states, with Mississippi, New Mexico and Missouri joining in 2009. Additionally, in 2009, 70 companies registered with the Compact, 119 products were approved, and the average approval time for products was cut to 20 days.

The IIPRC also elected its officers for the new term. Ohio Insurance Director Mary Jo Hudson will serve as Chair of the IIRPC Management Committee. Wisconsin Insurance Commissioner Sean Dilweg was elected Vice Chair of the Compact, and Vermont Insurance Commissioners Paulette Thabault with serve as Treasurer.

The Interstate Compact aims to improve the speed-to-market conditions for life insurance, annuity, disability income and long-term care products through the use of one regulatory body to review new insurance products. The ability to obtain approval from a single source for the sale of insurance products in multiple states gives insurers a more efficient and uniform product approval process than the multistate product review system. Faster product review benefits consumers and NAIFA members by making new protection products available sooner.

NAIFA has been, and continues to be, a strong supporter of the Interstate Compact since helping the National Association of Insurance Commissioners (NAIC) draft the model Compact law in 2002. NAIFA state associations across the country have also been critical proponents of Compact legislation as it’s introduced in state houses across the country. The Compact became operational in 2006 and began accepting its first product filings in 2007.

To learn more about the Interstate Compact and NAIFA’s involvement, please visit here.

NAIFA Staff Contact: Michael Gerber, Vice President and General Counsel, at (703) 770-8190.