The new Interstate Insurance Product Commission is asking for public comments on draft product standards and a draft rule.
States recently set up the IIPRC in an effort to create a single point of filing for insurance products and forms.
The IIPRC’s interim Management Committee voted during a conference call to expose draft product standards for flexible premium adjustable life, joint last-to-die survivorship flexible-premium adjustable life, flexible-premium variable adjustable life, joint last-to-die survivorship flexible-premium variable adjustable life, and modified single-premium adjustable life products.
The committee also voted to expose a draft rule for establishing public inspection procedures and copying of information.
Birny Birnbaum, executive director of the Center for Economic Justice, Austin, Texas, and an NAIC-funded consumer representative, criticized the process the IIPRC used to develop the drafts.
The proposals under consideration were developed in non-public meetings and were released only 2 business days before the conference call, Birnbaum writes in a letter sent to the commission after the meeting.
The procedures used suggest that the IIPRC had no real interest in public comment, Birnbaum writes.
In comments on the substance of the drafts, Birnbaum notes that the draft rule on public access fails to declare that filings to the commission are public information upon filing.