Insurers are warming to the notion of standardized product approval according to a report from consulting and actuarial firm Milliman Inc.
Authored by Jeff Kulesus, the report finds burgeoning support for the Interstate Compact among insurers. Overseen by the Interstate Insurance Product Regulation Commission (IIPRC), enables companies to submit a single product for approval in up to 40 states (and Puerto Rico) and to expect approval in 60 days or less.
The report notes that 132 companies are presently registered with the Interstate Compact, a 78% increase from the prior report in 2009. Product submissions also rose 22% during the time frame. Kulesus credits the increase to renewed emphasis by insurers on improving speed-to-market for new insurance products.
IIPRC Executive Director Karen Schutter said the numbers reflected the organization’s commitment to enhancing the filing process, noting that the Compact has added more reviewer resources and user-friendly tools for preparing filings as well as a lower cost-structure for regional company filers. "The 2011 Milliman Interstate Compact Survey reflects the Compact's momentous growth in the number of Compacting States, uniform standards, and filing companies as more and more efficiency-minded companies choose the value-added speed-to-market benefits of preparing one filing that eliminates state-by-state content variations and reviews as well as reduces duplicative paperwork, processes, and systems implementation," she said.
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