Louisiana, Washington D.C. Join Multi-State Review Program
Contact: Beth Scott
Tallahassee –With the addition of Louisiana and Washington D.C., the Multi-State Review Program (MSRP) offers life insurance carriers an opportunity to market their annuities products to almost 30 percent of the U.S. annuity market with only one electronic filing.
The MSRP is an innovative program that was created by a Memorandum of Understanding signed by the Insurance Commissioners of Florida, California and Texas in December 2003. The Program is currently limited to annuity filings and the standards used to review each filing are the combined annuity standards of the initial three states. The combination resulted in the most rigorous standards of review, which yields the highest level of consumer protection against inferior or inadequate insurance products.
The MSRP is part of Florida's online I-File system, which companies selling insurance in Florida have been using since 2002. Companies that choose to utilize the MSRP to get their product to multiple markets with a single filing use the I-File system to help them properly prepare, assemble and submit their filing. The filing is reviewed by each state within 60 days reducing administrative costs for companies and expediting the review process for the states. The Program is free, but some member states have filing fees that apply to paper or electronic filings.
"The MSRP provides insurers with a single entry point for filings and provides consumers with the best protection possible through the collaboration of member states," said Florida's Insurance Commissioner Kevin McCarty.
Nevada joined the MSRP last September and Georgia joined in March.