What are the insurance Compact states?

The Interstate Insurance Product Regulation Compact is an interstate compact among 44 states, Washington D.C., and Puerto Rico. Only California, Delaware, Florida, New York, North Dakota and South Dakota are not members.

What part does the Interstate Insurance Product Regulation Commission Iiprc play in insurance regulation?

Pursuant to the terms of the Interstate Insurance Product Regulation Compact (the “Compact”), the Interstate Insurance Product Regulation Commission (the “Commission”) is established to fulfill the Compact’s objectives, through a means of joint cooperative action among the compacting states: To promote and protect the …

What does the Interstate Insurance product Regulation Commission do?

The Interstate Insurance Product Regulation Commission is an organization that promotes standards for life insurance products in the United States. The Commission was created in 2000 by members of the National Association of Insurance Commissioners.

What is an interstate compact group?

An interstate compact is a contract or agreement between states that allows states to cooperate on multi-state or national issues while retaining state control. Interstate compacts are specifically mentioned in the U.S. Constitution.

What is a compact insurance policy?

The details of the risks covered under Compact Policy are Fire, Burglary, Machinery Break-Down, Electronic/Equipment Insurance, Money Insurance, Legal Liability (Public/Employees), Fidelity Guarantee, Plate Glass Insurance, Neon sign Insurance, Personal Accident Insurance. The rate of Premium varies for each.

What does ICC stand for in life insurance?

The Interstate Insurance Compact (“Compact”) is an important modernization initiative that benefits state insurance regulators, consumers, and the insurance industry.

Can the Interstate insurance Product Regulation Commission issue subpoenas?

7. To bring and prosecute legal proceedings or actions in its name as the Commission; provided, that the standing of any state insurance department to sue or be sued under applicable law shall not be affected; 8. To issue subpoenas requiring the attendance and testimony of witnesses and the production of evidence; 9.

What are the two offices of the Financial Services Commission?

The two offices within the Commission are the Office of Financial Regulation, which regulates the banking, finance and securities industries in Florida, and the Office of Insurance Regulation, which regulates insurance companies.

What is a serff number?

SERFF means the system for electronic rate and form filing. SERFF is a proprietary NAIC computer-based appli- cation that allows insurers and other entities to create and submit rate, rule and form filings electronically to the com- missioner.

Who must approve interstate compacts?

Congress
Congress must explicitly approve any compact that would give a state power that is otherwise designated to the federal government. Most early interstate compacts resolved boundary disputes, but since the early 20th century, compacts have increasingly been used as a tool of state cooperation.

How many interstate compacts are all 50 states a member of?

California belongs to 33 interstate compacts.

What do ICC mean?

ICC

Is it easy to apply for a NIPR license?

NIPR makes it easy to apply for or renew licenses. We provide cost-effective, streamlined and uniform licensing data and compliance services for insurance professionals. NIPR COVID-19 Resource Center

Who is the interstate insurance product Regulation Commission?

CODE ANN. §§ 38.2-6200 to 38.2-6201 (2004) The Interstate Insurance Product Regulation Commission serves insurance regulators, consumers, and providers by improving the efficiency and effectiveness in the ever-changing insurance marketplace. Add the Newest Member Jurisdiction to Compact Filings Starting March 21st!

How much does it cost to get a NIPR adjuster license?

Select a state to view the rules for licensure in that state. When applying for a Non-Resident, Adjuster license there is a $6.18 transaction fee and state license fees may apply. See the state rules and requirements for more information.

How much does it cost to renew an insurance license?

Renewing an insurance license in your state, or other states in which you may have interest in doing business is not difficult, if you know what to expect, and can fulfill the requirements. When renewing a Resident license there is a $5 transaction fee and state license fees may apply. See the state rules and requirements for more information.