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More Insurers Using Interstate Compact for Product Approval

Insurers are coming around to the idea of standardized product approval, according to a report from consulting and actuarial company Milliman Inc
January 10, 2012

Insurers are coming around to the idea of standardized product approval, according to a report from consulting and actuarial company Milliman Inc. The report, authored by Jeff Kulesus, finds nascent support for the Interstate Compact among insurers. Overseen by the Interstate Insurance Product Regulation Commission, the compact enables companies to submit a single product for approval in up to 40 states -- and Puerto Rico -- and to expect approval in no more than 60 days. The report states that 132 companies are currently registered with the Interstate Compact, a 78 percent increase from the previous report in 2009.

Read Milliman's report on Interstate Compact: Interstate Compact Survey Report (Milliman Inc.)