You are here:HomeIssuesInsurance Business Practices & Technical Information2013Arkansas Enacts the Interstate Insurance Product Regulation Compact

Arkansas Enacts the Interstate Insurance Product Regulation Compact

Arkansas will become the 42nd state to join the Interstate Insurance Product Regulation Compact (IIPRC)...
May 1, 2013

Arkansas will become the 42nd state to join the Interstate Insurance Product Regulation Compact (IIPRC). Arkansas Gov. Mike Beebe signed SB1170, a measure enacting it. The bill will become effective approximately 90 days after the Arkansas legislature adjourns.

“We applaud Arkansas on its enactment of this legislation and welcome it as the 42nd Compacting State,” said Roger A. Sevigny, IIPRC Chair and New Hampshire Insurance Commissioner. “Now insurers can deliver robust insurance products with consumer-friendly features in an efficient and uniform manner to even more of their Arkansas policyholders.”

The IIPRC enables state insurance regulators to develop uniform national standards for asset protection insurance products and establishes a central filing point for these insurance products. This enhances the speed and efficiency of regulatory decisions and allows companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.

Arkansas a ‘Natural’ Addition to Compact (IIPRC 4/29/13)