IIPRC Extends State OK Use

July 30, 2009 at 08:00 PM
Share & Print

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.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Related Stories

Resource Center