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.

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