The Interstate Insurance Product Regulation Compact (Compact) continued to grow in 2010, with 51% more submissions filed than in 2009. Adoption of new uniform standards, such as those for guaranteed benefits, longevity annuity, and individual long-term care (LTC) products, contributed to more companies filing through the Compact.
The upward trend is expected to continue in 2011, especially as Illinois starts to accept Compact-approved products for the majority of standards.
This update on the Compact was originally published in Journal for Insurance Compliance Professionals.