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National Standards: Regulation of Insurance Products

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Title: National Standards: Regulation of Insurance Products Author: knoonan Last modified by: The Hanover Insurance Group Created Date: 7/11/2006 8:18:24 PM – PowerPoint PPT presentation

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Title: National Standards: Regulation of Insurance Products


1
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2
Interstate Insurance Compact Speed to Market
The Next Generation
  • AICP New England Chapter Meeting
  • May 15, 2009
  • Charles Rapacciuolo
  • Interstate Insurance Product Regulation Commission

3
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

4
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5
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

6
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)

7
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.

8
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

9
Important Industry Resources
  • All Filing Instructions
  • Filing Information Notices
  • Statement of Intent
  • Filing Fee Information
  • TOI Link
  • Standards Priorities

10
Uniform Standards on the Web Site
11
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12
Making an IIPRC Filing
  • Click on Create Compact Filing

13
IIPRC Submission Requirements
14
IIPRC Filing Fees
15
Add a State
  • As states join the Compact, you may add them to
    the Product Filings

16
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17
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18
IIPRC Product Ops Team
  • Sara Dubsky, Operations Manager
  • David Morris, Product Review Consultant
  • Alice Fontaine, Actuarial Consultant
  • Charles Rapacciuolo, Development Consultant

19
IIPRC Contact Information
  • For more information, please contact
  • The IIPRC Office -
  • (202) 471-3962
  • Comments_at_insurancecompact.org
  • web site www.insurancecompact.org
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