NU Online News Service, May 10, 2004, 5:39 p.m. EDT – Many states are helping with efforts to create a “single point of filing” for life insurance products.[@@]
Legislatures in at least 17 states have introduced proposals related to the Interstate Compact Model Act, according to Iowa Insurance Commissioner Terri Vaughan, the former president of the National Association of Insurance Commissioners, Kansas City, Mo.
Vaughan recently spoke about the progress of the compact model at a meeting of the Iowa chapter of the National Association of Insurance and Financial Advisors, Falls Church, Va.
The compact model act is an effort to create a single office that would receive product filings for all participating states.
Iowa and at least 4 other states have enacted the compact model, and a compact model measure in a sixth state is awaiting the governor’s signature, Vaughan said.
In addition, 3 states have committed to introducing the model in the coming year and 10 states have committed to introducing the model next year, Vaughan said.