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Likewise, organizations urged states to join the IIPRC so that competitive products can be brought to market faster.
The move means that LTCI carriers can now add Nevada to the list of states covered by individual LTCI product filings sent to the IIPRC. The carriers will no longer have to develop separate filings for Nevada.
States created the IIPRC to give insurers one centralized place they can use to submit filings to all participating states at the same time.
The IIPRC standards are much more detailed than the model act and model regulation standards, the reps say.
The IIPRC manages the streamlined filing platform on behalf of its Member States and ensures transparency, accountability, and public participation in the Compact's development and processes."
A recent IIPRC survey taken between July 16 and Sept.
MULTIPLE PRODUCT FILINGS have been filed and are currently being reviewed by the Interstate Insurance Product Regulation Commission, a body designed to streamline product filing, according to Frances Arricale, the IIPRC's executive director.
Arricale says the Commission has received interest from other companies about filing product forms with the IIPRC. And, she says with 8 more standards ready to become effective and work on annuity standards starting, there should be more interest in filing product forms.
281 would let insurers in California sell a policy with a chronic-illness trigger that fits an accelerated death benefit standard developed by the Interstate Insurance Product Regulation Commission (IIPRC) in 2007, Canady said.
The commission wants products to start being filed soon so the IIPRC will become self-sustaining, said Fran Arricale, IIPRC executive director.
The 'mix and match' concept was not envisioned when the Commission was being created, according to Frances Arricale, executive director of the IIPRC, Washington.
The IIPRC kick-off attracted commissioners from many of the 27 participating states.
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