The Interstate Insurance Product Regulation Commission (IIPRC) has dropped a two-year time constraint from its product-filing rule, Operating Procedure for the Filing and Approval of Product Filings. The IPRC says the removal of the product cutoff date will provide greater flexibility for insurers as they transition approval of their asset-based products to the IIPRC.
"By removing the timeline for use of IIPRC-approved forms with state-approved forms, we recognized the practical hardship from a systems, legal and cost perspective for companies to re-file their entire portfolio with the Commission in such a short period of time," Mary Jo Hudson, IIPRC vice chair and Ohio insurance director said in a statement. "As we continue to adopt Uniform Standards for all product lines, companies will have an increased incentive over time to fully rely upon the IIPRC as the primary means of filing with compacting states and realizing the speed-to-market efficiencies associated with preparing one filing subject to one prompt review, and approval for use in up to 36 states."
The IIPRC was spun out of a National Association of Insurance Commissioners working group in 2006, and tasked with establishing uniform standards for life insurance and annuities.
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