Georgia Joins Multi-State Insurance Product Filing Review Project
Contact: Valerie Beynon, APR
Tallahassee – Momentum continues for the new multiple state insurance filing review project, Fast Track. Georgia Insurance Commissioner John Oxendine signed onto the Fast Track program at the National Association of Insurance Commissioners (NAIC) Annual Conference in Salt Lake City on Monday, March 14. 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 are able to make a filing in only one state for approval to market a product to 28% of the U.S. population residing in the four states. The Commissioner of the Office of Insurance Regulation Kevin McCarty welcomed the new interest in Fast Track saying, "This is further evidence that state based insurance regulation can reduce regulatory barriers while preserving consumer and solvency standards that would otherwise be threatened if state oversight were compromised."
So far, the program has approved a number of annuity contract filings and has more in the works. Fast Track members are also 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 support the greater 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 these efforts, and in the end both the industry and the regulatory community will benefit from 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.