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Missouri Ventures Into Interstante Insurance Product Regulation Compact In US

The current packed in states in the Commission correspond to 60% of the nationwide premium volume for life, annuity, long-term care and disability

Missouri has signed HB 577 to become the 36th member of the Interstate Insurance Product Regulation Compact (IIPRC), in US – reported in Insurance Journal.

With the addition of Missouri, the current packed in states in the Commission correspond to close to 60% of the nationwide premium volume for individual and group life, annuity, long-term care and disability.

54 uniform standards have been adopted by the IIPRC since its inception in 2006. The IIPRC provides streamlined review of life, annuity, disability income and long-term care insurance products. It enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance.

John Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP), said: “Missouri consumers will have access to products that must meet detailed Uniform Standards with strong consumer protections and our companies will have access to a fast, cost-effective product filing process.