Nevada Signs On To Insurance Filing Review Project
Contact: Bob Lotane
Florida, Texas and California Welcome First State to Join Fast Track program
Tallahassee – Momentum continues for the new multiple state insurance filing review project - as Nevada has joined the effort. Nevada Insurance Commissioner Alice Molasky-Arman signed onto the Fast Track program at the just concluded National Association of Insurance Commissioners' meeting, in Anchorage, Alaska. Additionally, the state of Georgia is looking to join the effort soon. The Fast Track Project was launched by Florida, Texas and California to ease differing regulatory mandates for insurers.
Fast Track conducts a coordinated filing review by all the states in the program and provides a simultaneous product approval. Therefore, insurance companies have been able to make a filing in only one state for approval to market a product to 26% of the U.S. population residing in the three states. Florida Commissioner of Insurance Kevin McCarty welcomed the new interest in Fast Track saying, "This is further proof that state based regulation of insurance can reduce regulatory barriers while preserving the consumer and solvency standards that would be threatened if state oversight is compromised."
So far, the program has approved a number of annuity contract filings and has more in the works. Also Fast Track members are working on life insurance standards and hope to add life insurance product filings to the program soon.
The National Association of Insurance Commissioners continues its work on adopting new, nationwide, product standards under the Interstate Compact program. McCarty emphasized, "We are supportive of the larger NAIC effort, in that we are gaining actual experience in the multi-state review arena that will be invaluable when the compact actually goes on line. The best practices will prevail from either effort, and in the end both the industry and the regulatory community will be all the better for it." Information has been provided about the multiple state review program to states around the country, and a number of states have indicated interest in signing on to Fast Track.