FOR IMMEDIATE RELEASE

news@insurancecompact.org
816.783.8909


SIGNIFICANT PROGRESS MADE
DURING TWO-DAY COMPACT MEETING

Commission Members, State Legislators, Industry and Consumer Representatives
Make Significant Progress at Annual Meeting

LANSDOWNE, Va. (Nov. 17, 2006) At the inaugural annual meeting of the Interstate Insurance Product Regulation Commission (“Commission”) held in Lansdowne, Virginia on November 15 -16, 2006, the Commission continued to make significant progress in implementing a central point of filing and review for asset-based insurance products.  Twenty-seven compacting states participated in the annual meeting, with twenty-two Commissioners in attendance.

The Commission formed the permanent Management Committee and elected Pennsylvania Insurance Commissioner Diane Koken as Chair, West Virginia Insurance Commissioner Jane Cline as Vice-Chair, and Minnesota Department of Commerce Commissioner Glenn Wilson as Treasurer.  The Commission also announced the selection of Frances Arricale as Executive Director, effective December 1.

In addition, the Commission welcomed State Senator Delores Kelley (D-MD) and State Representative Brian Patrick Kenney (D-RI), two of the members of the permanent Legislative Committee. The Commission committed to quickly forming the advisory committees under the Bylaws and to soliciting applications for the eight-member consumer advisory committee.  A productive discussion took place on a number of matters including an overview of the System for Electronic Rate & Form Filing (SERFF) and potential enhancements, a proposed fee structure, budget items for 2007 and the proposed services agreement with the NAIC.  

The Commission held public hearings to receive comments on the draft Public Access Rule and the five draft Adjustable Life Uniform Product Standards.   It heard comments from representatives from the Commission interim industry and consumer advisory committees, members of the Legislative Committee as well as from states that are considering joining the Compact and other industry representatives and interested parties. The newly-formed Management Committee voted to approve the Public Access Rule and made amendments to the uniform product standards. The Public Access Rule will be considered by the Commission for adoption at its meeting on December 8th and the Management Committee is expected to take action on the Uniform Product Standards at its meeting in December. 

“I am proud of the many accomplishments over these past two days and believe the cooperation and dialogue between Commission members as well as with members of the Legislative Committee and the advisory committees, was extremely valuable,” said Koken. “With the high-level of commitment from the Commission members, the goals for the successful implementation of the Compact are being achieved within the timeline set by the Commission at its inaugural meeting in June.  I want to personally thank everyone involved in moving this process forward.”

The next meeting of the Management Committee will be held via conference call on November 28, 2006 at 1:30 PM EST. The next meeting of the Commission will be on December 8, 2006 at 9:00 AM in San Antonio, Texas.


About the Commission
Currently, 28 members have joined the Interstate Insurance Product Regulation Commission. The compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.

The Commission enables state regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The Commission 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.

You are currently subscribed to the "Insurance Compact News Release" electronic service. For information regarding this service, please contact the NAIC Communications Division, 2301 McGee Street, Kansas City, MO 64108, 816.783.8909

To unsubscribe from the "Insurance Compact News Release" electronic service, send a blank e-mail to the News Release service. 

To unsubscribe from all NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services.


© 2006 Interstate Insurance Product Regulation Commission. All rights reserved.