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COMMISSION OUTLINES 2006 ACHIEVEMENTS
AND GOALS FOR COMING YEAR
Management Committee Chair Diane Koken
Discusses Compact’s Progress at NAIC Reception


SAN ANTONIO (Dec. 8, 2006) With its plan of action in full swing and several achievements already under its belt, the Interstate Insurance Product Regulation Commission (Commission) is off to a fast start with no signs of slowing down in 2007.

Pennsylvania Insurance Commissioner and Commission Management Committee Chair Diane Koken delivered this encouraging news today during a breakfast reception hosted by the National Association of Insurance Commissioners (NAIC) at the Marriott Rivercenter in San Antonio. 

During her presentation, Koken provided those on hand with highlights of the Commission’s achievements over the past six months and an overview of its goals for the coming year. She acknowledged that the Commission already has fulfilled many of the goals and the plan of action it had set forth at the Commission’s inaugural gathering this past June in Washington, D.C.

"One of the Commission’s biggest accomplishments is the hiring of our Executive Director, Frances Arricale," Koken said. "Her legal background and management experience make her well suited for this position."

"I am very excited to have Fran on board as she has many exciting ideas and plans for launching the Commission’s operations. Her experience at the state, federal and international levels will be valuable to this position, as she begins to work with the many different constituencies of the Compact."
                                                                                                      
In providing highlights of the Commission’s goals for 2007, Koken said that the Commission will continue to reach out to other states about joining the Compact.

"We hope for a performance similar to our growth over the past three years, with eight to 10 states adopting legislation to join the Compact," she said.

Also in 2007, the Commission is planning to publish and consider more than 30 additional proposed standards in the areas of life insurance and annuities. Draft uniform standards that have been developed through the significant work of the Interstate Compact National Standards Working Group of the NAIC’s Speed-to-Market (EX) Task Force are available for the Commission to utilize in developing uniform national product standards. The Commission is confident it will be in a position to accept product filings for review and approval/disapproval in 2007.

"There is still a significant amount of work to be done over the next six-plus months in order to get the Commission to the point of accepting filings," she said. "However, I think the Commission is well positioned as we move into the New Year. Executive Director Arricale will be able to assume oversight for the day-to-day operations of the Commission and these implementation activities."

The Management Committee and the Commission held public meetings following the breakfast reception, where the Commission adopted the Public Access Rule and five Adjustable Life Uniform Standards.  With these actions, the Commission completed its goals for 2006.

For more information about the Commission, visit www.insurancecompact.org.


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.

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