New Jersey Insurance and Banking Commissioner Thomas Considine has told Insurance News Net that without uniform national standards for insurance regulations, the industry will "continue to lobby, and lobby effectively I believe, for federal regulation."
Considine said New Jersey signed on to join the Interstate Product Regulation Commission (IPRC) to help state insurance regulators develop national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term careinsurance.
According to the IPRC website, New Jersey is the 38th member to join the Compact, bringing th"e nationwide premium volume represented by the states in the Compact to just over two-thirds." In addition, the IIPRC says, "The compact establishes a central filing point for these 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."
The compact is helpful Considine says, because "without standards, regulators "lose a strong argument in favor of state-based regulation."
Now, what do you think? Is this in fact helpful, or do you think this might simply add an extra burden on insurers and create more cost in administering insurance plans?
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