The Interstate Insurance Product Regulation Commission will be letting insurers combine use of some IIPRC-approved product components with state-approved components for more than 2 years.
The change affects use of approvals for-asset-based products.
The IIPRC, Washington, is an organization that takes in product and rate filings for 36 jurisdictions, in an effort to promote uniformity and speed up the review process.
“By removing the timeline for use of IIPRC-approved forms with state-approved forms, we recognized the practical hardship from a systems, legal, and cost perspective for companies to re-file their entire portfolio with the commission in such a short period of time,” IIPRC Vice Chair Mary Jo Hudson says in a statement about the change.
Insurers probably will start making more use of the IIPRC filing system once the IIPRC adopts more product filing standards, Hudson says.