Devoted to the Insurance industry and all thing related

As a consumer or agent I doubt the news of the Interstate Insurance Product Regulation Commission’s (IIPRC) first filing will bring much interest or joy to your world.   However, for insurers it marks the beginning of a potentially significant turn towards the improvement of the product filing process.

The IIPRC was created to “streamline the product filing process” according to National Underwriter.  According to the about section of the IIPRC website the benefits of the body extend from the insurers to the consumers.

“The Interstate Insurance Compact ("Compact") is an important modernization initiative that benefits state insurance regulators, consumers and the insurance industry.  The Compact enhances the efficiency and effectiveness of the way insurance products are filed, reviewed and approved allowing consumers to have faster access to competitive insurance products in an ever-changing global marketplace. The Compact promotes uniformity through application of national product standards embedded with strong consumer protections.”

Consumers don’t know what new products are going to be hitting the market but at least they can become available faster if all goes well with the IIPRC.