Milliman Announces Availability of Interstate Compact Survey

SEATTLE, Jan. 6, 2012 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of its Interstate Compact Survey, which examines insurance industry use of the Interstate Compact. The Interstate Compact allows companies to submit a single product for approval in up to 40 states (and Puerto Rico) and to expect approval in 60 days or less, thereby improving speed-to-market for new insurance products.

"While our 2009 Interstate Compact Survey provided excellent information, the latest iteration goes further by providing a comparative analysis of insurance industry perceptions of and experience with the Interstate Compact," said Jeff Kulesus, author of the Interstate Compact Survey. "The latest report is a must-read for any insurer that has yet to register with the Interstate Compact and is considering whether or not to participate."

To date, 132 companies were registered with the Interstate Compact, an increase of 58 companies from the prior report in 2009. The updated report includes information on insurance and annuity policy form filing trends for product categories that were previously unavailable.

"The 2011 Milliman Interstate Compact Survey reflects the Compact's momentous growth in the number of Compacting States, uniform standards, and filing companies as more and more efficiency-minded companies choose the value-added speed-to-market benefits of preparing one filing that eliminates state-by-state content variations and reviews as well as reduces duplicative paperwork, processes, and systems implementation," said Karen Z. Schutter, Executive Director, Interstate Insurance Product RegulatIon Commission. "The 2011 Milliman Compact Survey demonstrates the IIPRC's proactive approach to enhancing the Compact filing experience as we have added more reviewer resources and user-friendly tools for preparing Compact filings as well as a lower cost-structure for regional company filers."

To view the complete survey, go to http://insight.milliman.com/article.php?cntid=7967.

About Milliman

Milliman is among the world's largest independent actuarial and consulting firms.  Founded in 1947 as Milliman & Robertson, the company currently has 54 offices in key locations worldwide.  Milliman employs over 2,500 people.  The firm has consulting practices in healthcare, employee benefits, property & casualty insurance, life insurance and financial services.  Milliman serves the full spectrum of business, financial, government, union, education and nonprofit organizations.  For further information, visit www.milliman.com

SOURCE Milliman, Inc.