FOR IMMEDIATE RELEASE


EXPERIENCED REGULATORS JOIN INSURANCE COMPACT

WASHINGTON, D.C. (Jan. 14, 2008) - The Interstate Insurance Product Regulation Commission (IIPRC) announced today that two experienced insurance regulators have signed on to work with the organization. 

Charles Rapacciuolo, former assistant deputy superintendent of the New York State Insurance Department, and David Morris, former life and health analyst for the Nebraska Department of Insurance will bring their regulatory expertise to the IIPRC's product filing and review operations.

Rapacciuolo will serve the IIPRC as Development Consultant to enhance the IIPRC streamlined product filing operations. As one of the founding regulators of the System for Electronic Rate and Form Filing (SERFF) - the IIPRC's filing platform - he has been an active participant in designing a number of the speed-to-market and regulatory modernization initiatives developed at the National Association of Insurance Commissioners (NAIC). Rapacciuolo is also the recipient of the 2007 Robert Dineen Award, the highest individual honor bestowed by the NAIC for outstanding achievement as a career regulator.

Morris will serve the IIPRC as Product Review Consultant with daily filing review responsibilities. During 2007, Morris was key to the successful start-up of the IIPRC's operations, as the organization's interim product examiner working on secondment from IIPRC member state Nebraska. Prior to being a state regulator, Morris worked in the insurance industry as a compliance analyst.

"We are most fortunate that Charlie and David have joined us, bringing a wealth of experience and practical knowledge to our operations," said IIPRC Executive Director Frances Arricale.  "With our new team in place, the Compact intends to move forward in 2008 from our initial start-up success to building a state-of-the-art, electronic product filing platform with a first-rate speed-to-market regulatory review process that upholds the highest level of consumer protections."

The IIPRC manages the day-to-day operations of the Interstate Insurance Compact. With 30 member states to date and growing, the Compact is a successful state-based initiative that modernizes insurance regulation to meet the demands of the global financial services marketplace. By providing national uniform standards and a streamlined review process for asset-based insurance products, insurers may make one filing under one set of rules for one approval within a 60-day turnaround time that is valid in all 30 Compact jurisdictions.


About the Commission
Currently, 30 members have joined the Interstate Insurance Product Regulation Commission (Insurance Compact). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.

The Insurance Compact 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 Insurance Compact 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.


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© 2008 Interstate Insurance Product Regulation Commission. All rights reserved.