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IIPRC State Additions and Updates

With the enactment of compact legislation this spring, Arizona joined the growing number of jurisdictions participating in the Interstate Insurance Product Regulation Commission (IIPRC). The total number of member states has risen to 44. Arizona will be eligible to include in filings as of August 6, 2014. If you currently have a product approved through the IIPRC you will be able to use the 'add a state' feature to add Arizona to your approved filing.

There has also been significant interest in whether Florida is close to becoming a compact member state. Florida did enact legislation in 2013 based on the compact. The legislation codified in 2013-140, Laws of Florida is effective on July 1, 2014. However, it added several provisions that undermine the key agreements between the compacting states and does not totally conform to the model language necessary to enter the Compact. No action was taken this year by the legislature to either amend or repeal the law. For these reasons the IIPRC does not consider
Florida available as a member state and will not be accepting products for approval on behalf of Florida at this time.

The Compact is currently in the process of their 5 Year review of 29 of the Uniform Standards. They published amendments to existing standards and made them available for comment on May 12, 2014. Comments will be accepted through July 14, 2014. To view the recommended amendments and find out how to submit comments check the Docket section of their website.

For further details and other recent compact activities please click here to learn more.

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