What’s New at the Interstate Insurance Product Regulation Commission? | Wolters Kluwer Financial Services
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  • What’s New at the Interstate Insurance Product Regulation Commission?

    Gina Stephan

    by Gina M. Stephan, Esq., Senior Insurance Compliance Analyst, Risk & Compliance, Wolters Kluwer Financial Services

    Published March 25, 2013

    Since 2006, the Interstate Insurance Product Regulation Commission (“IIPRC”) has been a central electronic filing system for certain insurance products, including life insurance, annuities, disability income and long-term care insurance, that develops uniform product standards to increase consumer safeguards and promote speed-to-market efficiency for insurers. To date, there are 41 member states that are part of the IIPRC.

    As of the beginning of 2013, there have been several updates concerning standards, fee structure, and the IIPRC website itself. The updates are:

    • The product checklists were relocated on the IIPRC website from one central area to under each applicable uniform product standard.
    • For Statements of Intent, filers can now use an Excel file that can be automatically uploaded into the Statement of Intent Schedule. Templates are now used for creation of reusable Schedules.
    • A new IIPRC Filing Fee Schedule became effective on January 1, 2013. A new fee is created for companies with $50 million or less in asset-based premium volume based on the company’s most recent Annual Statement (Schedule T, Part 2) filed with the NAIC. Also, product filing fees for filings requiring actuarial review are now higher than those filings that do not require actuarial review.
    • The IIPRC is in the process of adopting and implementing new standards for group term life insurance for employer/employee groups.

    For group term life insurance, new uniform product standards for policies and certificates became effective on January 6, 2013. Additionally, new uniform application standards and new uniform standards for riders, endorsement, or amendments for policies and certificates became effective on March 6, 2013. On February 25, 2013, uniform standards for group term life insurance enrollment forms and statement of insurability forms and change forms were adopted and will become effective on June 10, 2013. Lastly, just a week ago, the Commission issued proposed uniform standards for accidental death benefits, accidental death and dismemberment benefits, and waiver of premium benefits for group term life insurance. A hearing is scheduled on April 8, 2013, for the proposed standards.

    Editor’s Recommendation: Stay on top of changing IIPRC uniform standards with NILS INsource.

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