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INSURANCE COMPACT ADOPTS 2008 BUDGET
WASHINGTON, D.C. (Nov. 19, 2007) — The
Interstate Insurance Product Regulation Commission adopted its 2008
budget today by a vote of its full membership in a public
teleconference.
Following a comprehensive comment period, including a public
hearing before its Management Committee last week, the Insurance
Compact adopted a $1.4 million operating budget. The major
expenditures detailed are for the continued start-up of the
Insurance Compact’s product filing operations.
“In anticipation of increased filings, our 2008 budget reflects
our intention to bring new product review staff on board from the
regulatory ranks, upgrade our multi-state filing capabilities and
continue outreach efforts to encourage more states to join the
Insurance Compact,” said Executive Director Frances Arricale.
Under the mandate of the compact statute adopted by each of its
30 member jurisdictions, the Insurance Compact provides the central
point of product filing under national standards to promote
speed-to-market, uniformity and efficiency in state-based insurance
regulation. During 2007, the Insurance Compact successfully
initiated its streamlined, electronic filing platform and received
initial life insurance filings by insurers.
The Insurance Compact uses the National Association of Insurance
Commissioners’ (NAIC) System for Electronic Rate and Form Filing
(SERFF) application to process its product filings.
“We anticipate a productive 2008 at the Insurance Compact, as we
look forward to continuing to work with our members, legislators,
consumer representatives and the insurance industry in meeting our
regulatory modernization goals,” Arricale said.
The Insurance Compact’s 2008 adopted budget is available online
at www.insurancecompact.org.
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. |
