IIPRC Elects Officers, Adopts Budget
Commission sets the stage for 2017 success with new look
MIAMI BEACH, Fla. (Dec.
9, 2016) - The Interstate Insurance Compact Commission (Commission) held its annual meeting on Friday where members held leadership elections, adopted the budget and unveiled a new logo. The Commission elected Virginia Insurance Commissioner Jacqueline K. Cunningham as chair, Maine Insurance Superintendent Eric A. Cioppa as vice chair and Ohio Lieutenant Governor and Insurance Director Mary Taylor as treasurer. The 2017 Management Committee also includes Idaho, Illinois, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, Oklahoma, Pennsylvania, Texas and Wisconsin.
"Continuing as chair for next year is an honor and I look forward to building upon the tremendous growth we experienced in 2016," said Cunningham. "With more than 220 life companies of all sizes with a combined 80 percent of nationwide premium volume routinely filed through the Commission, we're obtaining the product uniformity, speed-to-market approval and implementation envisioned just 10 short years ago."
"I am pleased to continue my service as an officer of this dynamic, thriving organization that showcases the collaboration and regulatory expertise of the compacting states to develop strong and balanced uniform standards for asset-based products," added Cioppa. "In addition to enhancing our services to members and company filers, we look forward to welcoming Connecticut as a full Commission member next year and addressing barriers to facilitate the small number of remaining states to join."
"I look forward to working with my fellow commissioners to further the important work of this interstate regulatory body," said Taylor. "Through our cooperative and collective efforts as state insurance regulators, we're ensuring an insurance environment that supports marketplace competition while ensuring strong consumer protection for all our citizens."
At the Commission's annual meeting, members adopted the 2017 annual budget and schedule of fees with no fee increase proposed for next year. The Commission reported it will have another year with record self-generated revenue to cover its operations and, for the fourth year in a row, it will not need to use a line of credit from the National Association of Insurance Commissioners (NAIC). The Commission also received comments and held a discussion on proposed amendments to the individual long-term care insurance uniform standards recommended by the Product Standards Committee as part of its five-year review process. The Commission also unveiled an updated logo to coincide with the 10th anniversary.
About the Commission
Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
The IIPRC 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 IIPRC 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.