|
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.
|
