Interstate Insurance Product Regulation Commission
The Interstate Insurance Product Regulation Commission is an organization that promotes standards for life insurance products in the United States. It approves or disapproves individual and group products such as annuity, life insurance, disability income, and long-term care policies.[1] States must agree to the compact by legislation and its rules are subject to judicial review.[2]
History
[edit]The commission was created in 2002 by members of the National Association of Insurance Commissioners.[1] Its mission statement is to "serve[] insurance regulators, consumers and providers by improving the efficiency and effectiveness in the ever-changing insurance marketplace." It serves as a clearinghouse for insurance companies' policy form filings.[3]
Following its creation, forty-five states joined the compact, the final one being Delaware in 2021.[4] South Carolina withdrew in 2022 following a dispute with the Commission over its authority to approve long-term care rate increases.[1]
The commission's authority was called into question in 2020 following the decision of ''Amica Life Insurance Company v Wertz'', in which the Colorado Supreme Court ruled that a standard 2-year suicide exclusion for life insurance contracts conflicted with state law and was an unauthorized delegation of authority to the commission.[5][6]
References
[edit]- ^ a b c "ACLI 'disappointed' by South Carolina decision to leave compact". Insurance News | InsuranceNewsNet. 2022-06-24. Retrieved 2024-12-16.
- ^ Schwarcz, Daniel (Fall 2018). "Is U.S. Insurance Regulation Unconstitutional?". Connecticut Insurance Law Journal. 25 (1): 198–262.
- ^ "About | Insurance Compact".
- ^ "Delaware The 45th State To Join The Insurance Compact". Insurance News | InsuranceNewsNet. 2021-08-09. Retrieved 2024-12-16.
- ^ "Interstate Insurance Compact Dealt Blow in Colorado Decision | Publications | Insights & Events | Squire Patton Boggs". www.squirepattonboggs.com. Retrieved 2024-12-16.
- ^ Litwak, Jeffrey (2024). "Developments in Interstate Compact Law and Practice 2024". Urban Lawyer. 51 (1): 99–100. doi:10.2139/ssrn.5026371.
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