A nonprofit organization that helps many states process insurance product filings is reporting strong filing and fee revenue growth for 2019.
The Interstate Insurance Product Regulation Commission says in annual report for 2019 that it received 1,639 product filings last year, up from 1,438 product filings in 2018.
The Insurance Compact collected $3.4 million filing fees for the participating states, up from $3.1 million the year before.
- A link to the compact’s annual report is available here.
- An article about the National Association of Insurance Commissioners’ effort to retool for the COVID-19 era is available here.
The compact’s own fee revenue increased to $1.6 million, from $1.4 million.
The compact’s statement of activities show that it brought in $646,204 more than it spent on $3.2 million in total revenue in 2019, compared with a $141,269 gain on $2.4 million in total revenue in 2018.
The compact began handling filings in 2007.
The compact now handles filings for 44 states, Puerto Rico and the District of Columbia.
The District of Columbia recently became the latest compact member.