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Interstate Insurance Compact Speed to Market The Next Generation

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

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Interstate Insurance Compact Speed to Market The Next Generation

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  1. (C) IIPRC 2008

  2. Interstate Insurance CompactSpeed to Market The Next Generation AICP New England Chapter Meeting May 15, 2009 Charles Rapacciuolo Interstate Insurance Product Regulation Commission (C) IIPRC 2008

  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 * (C) IIPRC 2008

  4. (C) IIPRC 2008

  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 (C) IIPRC 2008

  6. Uniform Standards Development Uniform Standards development requires strength in numbers • NAIC’s National Standards Working Group & IIPRC Product Standards Committee • Public Comment • Supermajority adoption requirement (2/3 of Management Committee & Commission) (C) IIPRC 2008

  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. (C) IIPRC 2008

  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 (C) IIPRC 2008

  9. Important Industry Resources • All Filing Instructions • Filing Information Notices • Statement of Intent • Filing Fee Information • TOI Link • Standards Priorities (C) IIPRC 2008

  10. Uniform Standards on the Web Site (C) IIPRC 2008

  11. (C) IIPRC 2008

  12. Making an IIPRC Filing • Click on “Create Compact Filing”… (C) IIPRC 2008

  13. IIPRC Submission Requirements (C) IIPRC 2008

  14. IIPRC Filing Fees (C) IIPRC 2008

  15. Add a State • As states join the Compact, you may add them to the Product Filings… (C) IIPRC 2008

  16. (C) IIPRC 2008

  17. (C) IIPRC 2008

  18. IIPRC Product Ops Team • Sara Dubsky, Operations Manager • David Morris, Product Review Consultant • Alice Fontaine, Actuarial Consultant • Charles Rapacciuolo, Development Consultant (C) IIPRC 2008

  19. IIPRC Contact Information For more information, please contact: The IIPRC Office - (202) 471-3962 Comments@insurancecompact.org web site: www.insurancecompact.org (C) IIPRC 2008

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