National Standards: Regulation of Insurance Products

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Interstate Insurance Compact Speed to Market
The Next Generation

• AICP New England Chapter Meeting
• May 15, 2009
• Charles Rapacciuolo
• Interstate Insurance Product Regulation Commission

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Interstate Insurance Compact

• Uniform Standards for Individual and Group Life,
  Annuity, Disability Income and Long-Term Care
• Central Point of Filing and Review
• Enhanced Efficiency
• Continued Consumer Protection

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IIPRC Numbers to Remember

• One is not the loneliest number
• 1 central point of filing
• 1 SERFF Submission to all 35 Members for 1
  approval

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Uniform Standards Development

• Uniform Standards development requires strength
  in numbers
• NAICs National Standards Working Group IIPRC
  Product Standards Committee
• Public Comment
• Supermajority adoption requirement (2/3 of
  Management Committee Commission)

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Uniform Standards Today

• The IIPRC has found a wave in numbers
• Over 50 Uniform Standards adopted to date in
  Individual Life and Annuity product lines that
  represent
• Over 6 Annuity TOI available (14 sub-TOI)
• Over 5 Life TOI available (61 sub-TOI)
• - More still to come in the Long Term Care and
  Disability Income along with Group Life and
  Annuity product lines.

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Resources Available

• There are numerous resources available in 1
  location the IIPRC Web Site
• Docket (Standards in development)
• Record (Standards for filing)
• Industry Resources
• Member Resources

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Important Industry Resources

• All Filing Instructions
• Filing Information Notices
• Statement of Intent
• Filing Fee Information
• TOI Link
• Standards Priorities

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Uniform Standards on the Web Site
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Making an IIPRC Filing

• Click on Create Compact Filing

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IIPRC Submission Requirements
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IIPRC Filing Fees
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Add a State

• As states join the Compact, you may add them to
  the Product Filings

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IIPRC Product Ops Team

• Sara Dubsky, Operations Manager
• David Morris, Product Review Consultant
• Alice Fontaine, Actuarial Consultant
• Charles Rapacciuolo, Development Consultant

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IIPRC Contact Information

• For more information, please contact
• The IIPRC Office -
• [phone]
• Comments_at_insurancecompact.org
• web site www.insurancecompact.org