Louisiana and South Carolina have joined the Interstate Insurance Product Regulation Compact, Interstate Insurance Product Regulation Commission officials announced Monday.
The additions mean that the IIPRC, Washington, now represents 33 states and similar types of jurisdictions.
The IIPRC is working to create a single office that insurers can use to file forms for life insurance, disability insurance and long term care insurance products and forms.
The IIPRC also is creating a central filing point for annuity products and forms.
IIPRC member jurisdictions now account for about 54% of U.S. insurance premium volume, officials estimate.
The IIPRC accepts product filings through the System for Electronic Rate and Form Filing, and it works to get filings reviewed and approved for use in all compacting states within 60 days after submission, officials say.
Jane Cline, West Virginia insurance commissioner and chair of the IIPRC commission management committee, is welcoming the participation of Louisiana and South Carolina as evidence that the IIPRC can make a difference in efforts to improve the insurance regulation process.
The Louisiana and South Carolina adoption of the Interstate Insurance Product Regulation Compact “further signifies that the IIPRC is a viable regulatory tool for modernizing the way insurance products are brought to market,” Cline says in a statement.
South Carolina Insurance Director Scott Richardson says he believes joining the IIPRC will help his state reallocate staff to handle tasks such as conducting market conduct and financial solvency examinations.
Louisiana Insurance Commissioner Jim Donelon says Louisiana now can work with other states more efficiently while continuing to respond to local residents’ needs.
“IIPRC represents the best of both worlds — quick, effective product approval for insurers, along with high-quality protections for consumers,” Donelon says.