The Interstate Insurance Product Regulation Commission has announced its first round of product approvals.
The IIPRC, Washington, a new agency created by the National Association of Insurance Commissioners, Kansas City, Mo., has approved a universal life no-lapse secondary guarantee product from Liberty Life Assurance Company, Boston and three adjustable life products from New York Life Insurance and Annuity Corp., New York.
The IIPRC now accepts life insurance product filings for 30 states. The NAIC formed the agency in an effort to make the process of getting approval for new products and forms faster and cheaper.
Preparing the IIPRC filing took about as long as preparing a filing for an individual state, but the “real beauty” of the IIPRC filing is that Liberty Life had to submit just one filing to get approvals from 30 states, according to Stephen Batza, an executive vice president for individual life at Liberty Mutual Group, Boston, Liberty Life’s parent company.
The IIPRC took only 27 days to approve the filing, and staffers had straightforward requests and comments, Batza reports.
The IIPRC asked, for example, that Liberty Life not stamp “private and confidential” on the filing cover letter, because the filing will be open to the public, Batza says.
“There were no major product design issues,” Batza says.