South Carolina Withdraws From Interstate Insurance Compact
June 13, 2022 by Allison Bell
South Carolina — one of the leaders in the effort to create the Interstate Insurance Product Regulation Compact — has withdrawn from the compact because of a conflict over long-term care insurance rate increase application reviews.
Members of the Interstate Insurance Product Regulation Commission, the body that oversees the compact, voted in December 2021 to keep a rule that lets the compact review and approve requests for LTCI rate increases under 15%.
Wink’s Note: The Interstate Insurance Product Regulation Commission (Insurance Compact) is an offshoot of the National Association of Insurance Commissioners (NAIC).
The Compact is intended to be a vehicle for speed-to-market and efficiency in the state filing process. If a state is a member of the Compact, and the Compact approves it, it is automatically approved in 45 states plus D.C.
It saves a lot of time, money, and headaches from filing a product in 49/50 different states.
And now, South Carolina has become the first state in the nation to WITHDRAW from the compact!
File directly to the state of South Carolina, until further notice, my product filing folks! – sjm