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This compendium of articles written by regulatory officials and industry professionals offers the latest information about the Interstate Insurance Product Regulation Compact. Each piece is based on remarks that its author(s) presented to members of the Association of Insurance Compliance Professionals. Abbreviated versions of these pieces were originally published in the AICP's Journal for Insurance Compliance Professionals, Vol. 25, No. 2 June 18, 2010.
To access the full version of each article, click on the links that are provided below.
Filing with the Interstate Insurance Product Regulation Commission
By David Morris and Karen Schutter
This article provides general information about the Interstate Insurance Product Regulation Commission (IIPRC). The authors outline all of the filing preparation resources required to complete a product filing, detail the steps involved in making a filing, describe the IIPRC review process, and explain how to update filings as new states join the Interstate Insurance Product Regulation Compact.
IIPRC Uniform Standards
By Cande Olsen
This article explains how the Interstate IIPRC product standards development process works, and outlines some of the important requirements for selected IIPRC product standards that were developed from the process. Selected highlights include Return of Premium Term, Deferred Annuities, Immediate Annuities, Index-Linked Annuities, Bonus Annuities, Market Value Adjustment (MVA) Annuities, Guaranteed Living Benefits (GLBs) for Variable Annuities, Longevity Annuities, Long Term Care and Disability Income.
5 Simple Keys to Making an Interstate Insurance Compact Filing
By Sean Cox
Written from the perspective of an industry professional who provides IIPRC filing services to insurers, this article provides best practices and tips for submitting a successful Compact filing. The author focuses on five critical steps in a filing: access to the SERFF filing system, annual fee payment, the Statement of Intent (Mix and Match), State Filing Fees and Standards.
Milliman IIPRC Analysis -- Part I: Survey Finds High Satisfaction From Interstate Compact Users
Milliman Survey Update -- Part II: Compact Improves Process in Response to Users' Feedback
By Jeff Kulesus
This two-part series discusses the 2009 survey of Compact users that Milliman, Inc. conducted to better understand the dynamics behind the insurance industry's participation in the IIPRC. Part I outlines the main concerns of companies that had not registered with or filed IIPRC submissions and details the survey's measure of participating companies. Part II updates the initial survey results, and outlines subsequent increases in the number of registered companies and product filings, as well as improvements to the filing process. The author also discusses the still untested the "opt-out Rubicon" and ongoing efforts towards participation by large premium volume states.