The Interstate Insurance Product Regulation Commission (IIPRC) has adopted two additional Uniform Standards for individual annuity products.
They are: Standards for Market Value Adjustment Feature Provided through a Separate Account, and Standards for Market Value Adjustment Feature Solely through General Accounts.
“We will continue working over the next several months to adopt Uniform Standards for all product lines and find incentives and other ways to encourage companies to fully rely upon the IIPRC as their primary means of filing with compacting states.” says West Virginia Insurance Commissioner and IIPRC Management Committee Chair Jane Cline, noting the IIPRC expects to have 54 Uniform Standards available for insurers to file by the end of the summer.
The IIPRC also unveiled a new fee structure for regional insurers. Insurers selling asset-based insurance products in five or less compacting states will now pay lower fees.
“We are pleased to offer an alternative for insurers doing business on a regional basis, making it more affordable to register and file with the IIPRC,” Cline says. “We are confident insurers who register with the IIPRC will realize both competitive and cost advantages by preparing one single filing. Whether they are doing business in five states or soon-to-be 35 member states, the current approval turnaround time averages less than a month."
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