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Interstate Insurance Compact - The Future is Now -

Interstate Insurance Compact - The Future is Now - . AICP - Heartland Chapter Overland Park, Kansas April 2008 Frances Arricale Interstate Insurance Product Regulation Commission Executive Director. Interstate Insurance Compact. Uniform Standards *

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Interstate Insurance Compact - The Future is Now -

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  1. (C) IIPRC 2008

  2. Interstate Insurance Compact- The Future is Now - AICP - Heartland Chapter Overland Park, Kansas April 2008 Frances Arricale Interstate Insurance Product Regulation Commission Executive Director (C) IIPRC 2008

  3. Interstate Insurance Compact • Uniform Standards * * Central Point of Filing and Review * * Enhanced Efficiency * * Continued Consumer Protection * (C) IIPRC 2008

  4. Origins of Insurance Compact • Recognition of the evolving, global financial services marketplace • Increased competition from other financial services sectors in certain insurance product lines • Increased mobility of population • Non-local nature of the risks borne for asset-based insurance products (C) IIPRC 2008

  5. Origins of Insurance Compact • Proactive speed-to-market initiative for increased insurance choices in support of a competitive, modern financial marketplace • Central Point of Electronic Product Filing under Uniform Standards with Strong Consumer Protections (C) IIPRC 2008

  6. Highlights of Insurance Compact • Uniform Standards and Rules constitute the exclusive provisions applicable to the content, approval and certification of Products under the Compact. • Commissioner maintains authority over market conduct activities of insurers. (C) IIPRC 2008

  7. Highlights of Insurance Compact- Organization - 31 Compact Members to date representing over one-half of premium volume nationwide, and growing (C) IIPRC 2008

  8. Highlights of Insurance Compact- Products Covered - Individual and Group: • Life Insurance • Annuities • Disability Income Insurance • Long-Term Care Insurance (C) IIPRC 2008

  9. Highlights of Insurance Compact- Uniform Standards - • Adoption of Uniform Standards • Provision for extensive public comment • Supermajority adoption requirement (2/3 of Management Committee and 2/3 of full Commission) • Standard effective 90 days after promulgation (C) IIPRC 2008

  10. Highlights of Insurance Compact - Governance - • Management Committee (3-Tier Representational Composition) • 6 Largest Compacting States by Premium • 4 States - Greater than 2% Premium • 4 States - Less than 2% Premium by Zone • Subcommittees • Product Standards, Rulemaking, Audit, Finance, Technology, and Communications (C) IIPRC 2008

  11. IIPRC Structure • Legislative Committee 8 Members appointed by NCSL and NCOIL • Consumer Advisory Committee 8 Members representing consumer constituencies • Industry Advisory Committee 8 Members representing companies, producers and associations (C) IIPRC 2008

  12. IIPRC Today • June 2006: Inaugural Meeting in DC • December 2006: First Standards Adopted • June 2007: Operational Start-Up on Target/ First Filings Received • July 2007: Initial Filings Approved in under 60 days • September 2007: Compact Fee Structure adopted • Jan/February 2008: Regulatory experts join IIPRC • April – June 2008: Increased filings expected/ Additional states expected to join Compact (C) IIPRC 2008

  13. IIPRC Today • 38 Uniform Standards adopted to date • Annuity Standards in development process • Expect Group Life and Annuity Standards next • Followed by Disability Income and Long-Term Care • Compact filings on System for Electronic Rate and Form Filing (SERFF) • Adopted Product Filing Rule with a “Mix and Match” provision to allow Compact filings with already-approved Member State forms (C) IIPRC 2008

  14. IIPRC Today • Officers • West Virginia Commissioner Jane Cline – Chair • Ohio Director Mary Jo Hudson – Vice Chair • Minnesota Commissioner Glenn Wilson – Treasurer (C) IIPRC 2008

  15. IIPRC FILING PLATFORM • Compact Pages on SERFF • One Set of Uniform Standards • Ability to “Mix and Match” with already-approved Member State forms for immediate filing • 60-day turnaround in Product Filing Rule • File one submission under one of standards for one approval valid in all 31 jurisdictions today (C) IIPRC 2008

  16. CONTACT IIPRC • For more information, please contact: Frances Arricale IIPRC Executive Director (202) 471-3962 farricale@insurancecompact.org web site: www.insurancecompact.org (C) IIPRC 2008

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