An Act Adopting
The National Association of Insurance Commissioners’
Interstate
Insurance Product Regulation Compact
On March 1, 2016, IIAC President, Warren Ruppar, presented the following testimony to the Insurance and Real Estate Committee:
Senator Crisco, Representative Megna
and members of the Insurance and Real Estate Committee, my name is Warren
Ruppar and I am President of the Independent Insurance Agents of
Connecticut. Senator Crisco, Representative Megna
and members of the Insurance and Real Estate Committee, my name is Warren
Ruppar and I am President of the Independent Insurance Agents of
Connecticut. The Independent Insurance Agents
of Connecticut is a trade association which has been located in Connecticut and
has represented independent agents for 117 years. IIAC currently represents more than 400 member
agencies and their associates as well as their 3600-plus employees. IIAC would like to offer the following comments
concerning House Bill 5343.
The Independent Insurance Agents of
Connecticut supports House Bill 5343 as it will streamline the state-based
insurance regulatory system and provide a uniform national products standard
for life insurance, annuities, disability income, and long term care insurance.
IIAC further agrees with the NAIC that
“The Compact presents a positive situation for consumers, state insurance
regulators and insurers, as consumers will benefit from high product standards
and quicker access to a broader choice of investment products, regulators will
be able to share best practices and use their resources more effectively, and
insurers will be able to enjoy a more level playing field in competing with
banks and securities firms.”
IIAC urges the members of the
Insurance and Real Estate Committee to support the concepts of House Bill 5343. IIAC also suggests your consideration in
utilizing the language of House Bill 5051 which would follow the language in
NAIC compact legislation that has been approved in 43 states and will put
Connecticut in alliance with these states.
Passage of the NAIC Compact will bring
efficiencies to the regulatory system for insurance in Connecticut. IIAC urges your support of House Bill 5343.