Missouri has become the 36th member state of the Interstate Insurance Product Regulation Compact, a central point, created by state insurance regulators, for electronic filing for certain insurance products, including life insurance and annuities.

Missouri Gov. Jay Nixon recently signed HB 577, making the state a member of the IIPRC and resulting in compacting states representing close to 60% of the nationwide premium volume for individual and group life, annuity, long-term care and disability.

Jane Cline

Jane Cline, West Virginia insurance commissioner and chair of the IIPRC Management Committee, said the group is pleased to welcome Missouri to “our one-of-a-kind organization.”

“The IIPRC is the one place where insurance companies can submit one product filing under one set of standards and receive one review and approval in 60 days, or far less, for up to now 35 states and Puerto Rico,” Cline said in a statement.

Since its inception in 2006, 54 uniform standards have been adopted by the IIPRC, which provides streamlined review of insurance products. Insurers may make one filing under one set of rules for one approval in all IIPRC member jurisdictions.

John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration, said his office is “looking forward to the many benefits of IIPRC membership.”

“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,” Huff said. “I appreciate the commitment and support of Governor Nixon and the legislature to participate in this successful and collaborative state-based initiative.”

Compact members of the IIPRC are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.