Interstate Insurance Product Regulation Commission (‘IIPRC’) Adds Individual Disability Income Product Line
Jan 17, 2012
The following news release was issued by the Interstate Insurance Product Regulation Commission on January 11, 2012:
IIPRC Adds Individual Disability Income Product Line
WASHINGTON, D.C. (Jan. 11, 2012) – Companies can now submit product filings under the Individual Disability Income Insurance Uniform Standards, which were adopted last September by the Interstate Insurance Product Regulation Commission (IIPRC). All Compacting States are participating in these Uniform Standards and accepting individual disability income insurance product filings submitted for approval to the Compact.
“With the addition of the individual disability income product line, the Compact marks another major milestone as it now has Uniform Standards for all individual asset-based product lines authorized by the Compact legislation,” said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. “Companies in the individual market can now file an even wider array of products through the Compact, thereby gaining the efficiencies and cost-savings associated with preparing and submitting one standard product for one review and approval across 41 Compacting States.”
The IIPRC Office is offering a webinar to provide filers with an overview of the disability income insurance product filing submission process. The webinar will be offered at 3:00 pm ET on the following dates: January 25, February 2, and February 8. More information about the webinar may be found on the IIPRC website or by contacting the IIPRC Office.
A new Filing Information Notice (FIN) is available on the IIPRC website to assist all insurance companies with submitting their product filings. Filing Information Notice 2012-1: Individual Disability Income Insurance Filings advises as to the particular steps that should be followed when submitting disability insurance product filings to the IIPRC, including combination and “mix and match” product filings. The Reviewer Checklists for individual disability income insurance Uniform Standards are also available on the Insurance Company Resources page of the website as a tool to assist insurance companies with the satisfaction of all submission requirements and policy provisions.