A new survey reveals that users of the Interstate Insurance Product Regulation Commission (IIPRC) are satisfied, and provides some insight into why potential users of the organization’s system are slow to register for services.
The IIPRC was created to enable state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The IIPRC establishes a central filing point for these insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace while continuing to provide protection for consumers.
The survey, independently conducted by Milliman Inc., was designed to identify why companies have not registered with or filed IIPRC submissions, and to measure the experience of the companies who have registered.
The IIPRC received high marks for 1) speed of form submission, review and approvals; 2) clear, user-friendly standards; 3) accessibility of IIPRC staff; and 4) greater ease in creating back-end approval documentation.
“We believe the positive feedback in the survey reflects a growing recognition in the industry about the inherent benefits of the IIPRC,” said Mary Jo Hudson, IIPRC chair and Ohio insurance director. “In just three short years, the IIPRC has evolved into an innovative and efficient process for companies to secure approval in 36 jurisdictions in 60 days, or currently much less time, through a single filing.”
The top reason provided by companies for not yet registering with the IIPRC was concerns with the timeline associated with mix and match. The IIPRC eliminated this timeline in July 2009, resolving this issue. Other reasons included filing with the IIPRC was not yet cost-justified, and companies were awaiting additional uniform standards. Companies participating in the IIPRC had a generally more favorable impression, finding the costs were reasonable in relation to the time saved and other benefits of obtaining one approved filing for 36 states.
“These survey results provide us with an important opportunity to clarify perceptions and address concerns in our continued commitment to enhancing the speed-to-market experience for companies,” said Kim Holland, IIPRC communications chair and Oklahoma insurance commissioner. “Identifying areas of improvement remains an integral part of the IIPRC’s evolving nature.”
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