Interstate Insurance Compact Rules Added to NILS INsource Regulatory Research Tool

WALTHAM, Mass.--(BUSINESS WIRE)-- Wolters Kluwer Financial Services announced today that its NILS INsource® insurance regulatory research tool will integrate the adopted standards, rules, operating procedures and filing notices of the Interstate Insurance Compact (“Compact”), a multi-state agreement where participating states develop uniform standards for filing, reviewing and approving insurance products.

Working with the Interstate Insurance Product Regulation Commission (IIPRC), which serves as a central point for the electronic filing and review of insurance products, Wolters Kluwer Financial Services will offer insurers an easy way to search Compact standards and the regulatory information they need.

The IIPRC provides streamlined review of life, annuity, disability income and long-term care insurance products. This allows insurers to save time by making one filing under one set of rules for one approval that is valid in all 36 IIPRC member jurisdictions, versus filing each state separately.

By applying the NILS INsource search ability to Compact requirements, insurers can enhance efficiency even further by accessing Compact rules and the most recent regulatory content in one location. NILS INsource features regulatory and supplemental material related to insurance regulatory compliance in all 50 U.S. states, the U.S. federal government, the District of Columbia, the Virgin Islands and Puerto Rico. It allows users to significantly reduce research time and automate the process of identifying regulatory changes using NILS INsource’s system of line of business, sub-line of business and topic organization to easily find the information that is relevant to their business.

“More than 10,000 insurance professionals rely on NILS INsource to reduce time spent sifting through regulatory documentation,” said David Evans, vice president and general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services. “By offering Interstate Insurance Compact rules, we’re providing yet another way to reduce research hours.”

“Insurers benefit from working within the IIPRC framework by experiencing enhanced speed and efficiency of regulatory decisions,” said Karen Schutter, executive director of the Interstate Insurance Product Regulation Commission. “This relationship offers insurers a great opportunity to further improve product development speed by reducing their research time.”

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2008) €3.4 billion ($4.9 billion) and approximately 20,000 employees worldwide. Please visit our Web site for more information.

About Interstate Insurance Product Regulation Commission (IIPRC)

Currently, 36 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

The IIPRC enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The IIPRC 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.

For more information, visit www.insurancecompact.org.

Wolters Kluwer Financial Services

Jennifer Marso, 612-852-7912

Director, Corporate Communications

[email protected]

On Twitter: @JenniferMarso

or

Angela Peterson, 612-656-7745

Senior Public Relations Specialist

[email protected]

On Twitter: @AngiePeterson

Source: Wolters Kluwer Financial Services