A regulatory system that creates a single point of filing for life insurance products is currently up for review in 14 states.
The Interstate Compact Model Act of the National Association of Insurance Commissioners, Kansas City, Mo., already has been enacted in Iowa. Twenty-six states are needed before the compact is up and running.
The American Council of Life Insurers, Washington, is speaking to state legislators in an effort to get them to advance the compact, says Patricia Parachini, senior director with the ACLI.
ACLI is devoting staff personnel or insurance company representatives to advance the compact in states in which a commissioner expresses support for the model, she says. The trade group is devoting as much effort to the compact and state regulation as to work on an optional federal charter proposal, she says.
By and large, bills have been introduced that maintain the uniformity sought by life insurers and regulators at the NAIC, says Parachini.