Insurance companies paying their 2009 annual registration fees by Jan. 31, 2009 can submit 2 filings in 2009 at a reduced rate of $250 per filing, the Interstate Insurance Product Regulation Commission announced.
The fee is half of the regular $500 fee charged by the IIPRC, Washington. The agency is offering the incentive to companies that “demonstrate their commitment to the IIPRC’s one-stop solution,” according to Jane Cline, West Virginia insurance commissioner and chair of the IIPRC Management Committee.
The offer is being made to encourage a broader range of companies to use the commission, including regional companies and those who have not “tested the waters yet,” she adds. Asked if the commission would be open to offering a rate structure for regional companies, she responded that “we’re open to looking at all approaches to making the compound efficient and useful for all.”
As new standards are added for annuities and disability insurance and long term care standards are developed, there should be more filings with the commission, Cline adds.
The annual registration fee is $5,000 between January 1 and June 30 and $2,500 after July 1, says Scott Holeman, a spokesman for the National Association of Insurance Commissioners, Kansas City, Mo.
The offer would be good for individual companies under a holding company structure because each company pays the annual registration fee, he adds. The first 5 insurers under the holding company pay $5,000, and each additional insurer after that pays $1,000, Holeman says.
The IIPRC has approved 148 product filings since the first filings were received in June 2007, which equates to 3,534 transactions in the National Association of Insurance Commissioners’ System for Electronic Rate and Form Filing (SERFF), Holeman says. A total of 102 products were approved in 2008. equating to 2,621 SERFF transactions, he adds. Holeman says the goal for 2009 is 750 IIPRC filings and 170 company registrations.
The IIPRC provides a central point of electronic product filing on behalf of all its members–which includes 32 states and Puerto Rico. By using the IIPRC, companies can submit 1 filing under 1 set of uniform standards for approval in 60 days or less, according to the IIPRC. More states are expected to join in 2009, it states.
According to the Compact, by early 2009 companies will be able to file products under 49 uniform standards, including the full individual life product line and several annuity standards. Also in 2009, the IIPRC says it will be working as “expeditiously as possible to adopt and implement uniform standards to comprehensively cover annuity, group life and long term care insurance products.”
The IIPRC’s annual registration fees are submitted through the National Association of Insurance Commissioners’ SERFF system. For more information, visit Document Link