Interstate Compact Adds 2 States

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.