Interstate Insurance Product Regulation Commission
The IIPRC has adopted 100 Uniform Standards covering a wide variety of individual and group product lines and benefit features for Compact-authorized products. This includes individual and group life insurance, annuities, long-term care insurance and individual and group disability income insurance. Life insurance companies and fraternals use the IIPRC allowing them to realize the benefits of uniformity between states.
The Interstate Compact has now been enacted in 46 jurisdictions. The states which may currently be included in filings are: Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, North Carolina, North Dakota, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, Texas, Utah, Virginia, Vermont, Washington, West Virginia, Wisconsin and Wyoming. The 46 compacting states represent more than 75% of the premium volume written nationwide.
Filings may be made for any product for which Uniform Standards have been adopted. States may opt-out of specific Uniform Standards. Arizona, Connecticut, Delaware, District of Columbia, Indiana, Montana, and New Jersey have opted out of long-term care insurance standards. Arkansas, Colorado, Hawaii, Illinois, Maryland, Oklahoma, Oregon & Washington will not permit use of modified rate schedule for long-term care insurance.
Montana and Wyoming have opted out of the individual and group disability income standards.
The Interstate Compact has now been enacted in 46 jurisdictions. The states which may currently be included in filings are: Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, North Carolina, North Dakota, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, Texas, Utah, Virginia, Vermont, Washington, West Virginia, Wisconsin and Wyoming. The 46 compacting states represent more than 75% of the premium volume written nationwide.
Filings may be made for any product for which Uniform Standards have been adopted. States may opt-out of specific Uniform Standards. Arizona, Connecticut, Delaware, District of Columbia, Indiana, Montana, and New Jersey have opted out of long-term care insurance standards. Arkansas, Colorado, Hawaii, Illinois, Maryland, Oklahoma, Oregon & Washington will not permit use of modified rate schedule for long-term care insurance.
Montana and Wyoming have opted out of the individual and group disability income standards.
In addition, a number of Operating Procedures have been adopted by the IIPRC. These set out the IIPRC rulemaking process, how filings are to be made, public access to filings, foreign language translations and appeals procedures, among other things.
The IIPRC requires companies register and pay an annual fee in order to make compact filings.
The IIPRC also charges a fee for each filing submitted. The filing fee varies based on type of product. These fees will be in addition to state filing fees, which will continue to be payable.
Filings are to be approved or disapproved within 60 days, subject to certain limitations.
First Consulting makes filings with the IIPRC under all the Uniform Standards for all sizes of insurers. Contact us with your Interstate Compact questions.
The IIPRC requires companies register and pay an annual fee in order to make compact filings.
The IIPRC also charges a fee for each filing submitted. The filing fee varies based on type of product. These fees will be in addition to state filing fees, which will continue to be payable.
Filings are to be approved or disapproved within 60 days, subject to certain limitations.
First Consulting makes filings with the IIPRC under all the Uniform Standards for all sizes of insurers. Contact us with your Interstate Compact questions.