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.
