Multiple product filings have been filed and are currently being reviewed by the Interstate Insurance Product Regulation Commission, a body designed to streamline product filing, according to Frances Arricale, the IIPRC’s executive director.
The Commission received its first filings in its first month of being fully open for business and a year after its start-up.
Because of the Commission’s public access rule, the company or companies that made the filings and the product filings themselves will not become public information until they have been approved by the Commission, Arricale explains.
But, currently there are 14 commission standards for life insurance products and riders associated with life products, she adds.
Arricale says the Commission has received interest from other companies about filing product forms with the IIPRC. And, she says with 8 more standards ready to become effective and work on annuity standards starting, there should be more interest in filing product forms.