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INSURANCE COMPACT COMMISSION ELECTS 2008 OFFICERS
AT ANNUAL MEETING

Group Also Releases 2008 Budget, Adopts Nine New Product Standards

WASHINGTON, D.C. (Sept. 28, 2007) - The Interstate Insurance Product Regulation Commission (IIPRC) held its second annual meeting today, where its 30 member states elected 2008 officers, released its 2008 budget for public comment and adopted nine new product standards.

"We adopted uniform standards accepted by 30 member jurisdictions, approved a set of rules and processes for streamlined product filings under those standards, and initialized our product filing operations as a functioning system - with the receipt and approval of a number of insurance filings during 2007. All of this was achieved in a little less than a year," said West Virginia Insurance Commissioner Jane Cline, who was re-elected to serve as Chair of the IIPRC’s Management Committee.

Other officers include Ohio Insurance Director Mary Jo Hudson, who was newly elected to serve as Vice-Chair, and Minnesota Insurance Commissioner Glenn Wilson, who was re-elected to serve as Treasurer. According to the bylaws, IIPRC Executive Director Frances Arricale will continue to serve as secretary of the Management Committee.

"I am looking forward to another successful year, as we work together with the other compacting states to meet our speed-to-market and efficiency goals while continuing to hold the strong bar on consumer protection," Cline said. "These are tremendous accomplishments and highlight the strength, expertise and proactive engagement of the state-based regulatory system."

Having initiated a central point of product filing under uniform standards in June 2007, the IIPRC has received and approved a number of life insurance filings that are now in effect for use in the compacting states. For more information, please visit www.insurancecompact.org.


About the Commission
Currently, 30 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, 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 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.

 

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© 2007 Interstate Insurance Product Regulation Commission. All rights reserved.