Arkansas Joining Interstate Insurance Regulation Compact

Arkansas Governor Mike Beebe has signed SB1170, enacting the Interstate Insurance Product Regulation Compact (Compact). The bill was introduced by Sen. Jason Rapert, chair of the Arkansas Senate Insurance and Commerce Committee, and co-sponsored by Rep. Mark Biviano.

Arkansas becomes the 42nd state to join the compact, according to Roger A. Sevigny, Interstate Insurance Product Regulation Commission (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,” he said.

Arkansas Insurance Commissioner Jay Bradford said under the compact, insurance products “are thoroughly reviewed under comprehensive uniform product content requirements for the benefit of consumers.”

The compact legislation will become effective approximately ninety (90) days after sine die of the Arkansas legislature.

The IIPRC establishes a central filing point for insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.

Source: IIPRC