Bill Filed to Establish Interstate Insurance Product Regulation Commission (IIPRC) in Florida
Jan 18, 2013
Senate Bill 242, which would provide for the establishment of the Interstate Insurance Product Regulation Commission (“IIPRC”) in Florida, was filed last week by Senator Dorothy Hukill.
The bill was referred to the Senate Committees on Banking and Insurance, Governmental Oversight and Accountability, Appropriations, and the Appropriations Subcommittee on General Government yesterday, January 17, 2013.
Established by the Interstate Insurance Compact, the IIPRC is a multi-state public entity which serves as a central point of electronic filing for certain insurance products, including life insurance, annuities, disability income and long-term care insurance to develop uniform product standards, affording a high level of protection to purchasers of asset protection insurance products. It is composed of 41 Member States and represents approximately two-thirds of nationwide premium volume.
Through the IIPRC, insurance companies can file in one place and get their insurance product approved in multiple participating Member States. If enacted, the bill would designate Florida Insurance Commissioner Kevin McCarty as the State’s representative on the IIPRC.
To view the bill text, click here.
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