The Interstate Insurance Product Regulation Commission (“IIPRC”) continues to grow as the District of Columbia became the 46th jurisdiction to enact the insurance compact legislation. The District of Columbia joined 44 states and Puerto Rico who have joined the compact.
“Mayor Muriel Bowser has charged us with ensuring that insurance products meet the highest consumer protection standards for our residents and being part of the insurance compact helps us do just that,” said Stephen C. Taylor, commissioner of the District of Columbia's Department of Insurance, Securities and Banking.
“We welcome the District of Columbia and recognize it not only serves as the nation's capital but as the headquarters for the Insurance Compact,” the compact's chair and Ohio's insurance director, Jillian Froment, said. “We commend Mayor Bowser and the District of Columbia Council on their initiative to join their counterparts across the nation in modernizing the regulatory process for review and approval of asset-protection insurance products.”
The District of Columbia's compact legislation did not include long-term care insurance products in the compact so its insurance department can continue to review and approve long-term care insurance rates.
Currently, 46 jurisdictions have joined the IIPRC. Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
The IIPRC enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income, and long-term care insurance. The IIPRC establishes a central filing point for these insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.
For more information, visit www.insurancecompact.org.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].