Insurers have filed “multiple product filings” with the new Interstate Insurance Product Regulation Commission, a body that was formed to streamline the product filing process, IIPRC officials say.
The first filings came in during the first month that the IIPRC was fully open for business, says IIPRC Executive Director Frances Arricale.
Under IIPRC public access rules, the IIPRC will not make the product filings or the names of the companies filing the products public until the IIPRC has approved the filings, Arricale says.
The IIPRC has developed standards for 14 types of life insurance products and life riders. The company also is completing 8 more life standards and is about to work on annuity standards. Once more standards are completed, there should be more interest in filing product forms, Arricale says.
Because the IIPRC is still setting filing fees, predicting when the organization will become self-sustaining is difficult, Arricale says.
A proposal, now in a public comment period, calls for the IIPRC to establish a fee of $500 per filing along with an annual registration fee of $5,000 per participating company.
The IIPRC proposal also calls for the IIPRC to conduct a 1-year study to determine the feasibility of initiating a flat filing fee system.