The Interstate Insurance Product Regulation Commission says insurers now can file annuities with guaranteed benefits through the commission’s speed-to-market process.
That will help bring the products to market faster, according to officials at the IIPRC, Washington.
The National Association of Insurance Commissioners, Kansas City, Mo., created the commission and the Interstate Product Regulation Compact in an effort to help insurers streamline the process of filing new product applications and other forms, by providing one office where an insurer can submit a filing for approval by all of the states that participate in the compact.
Commission members now include insurance regulators from 35 states and Puerto Rico.
The commission now is accepting filings for guaranteed living benefits sold with individual deferred variable annuities, guaranteed minimum death benefits sold with individual deferred variable annuities and guaranteed living benefits sold with individual deferred non-variable annuities.