INTERSTATE COMPACT COMMISSION RELEASES
FIRST ANNUAL REPORT
of Operation Exemplifies ‘States, Strength & Speed
WASHINGTON, D.C. (Sept. 27, 2007) - The
Interstate Insurance Product Regulation Commission (IIPRC) today
announced the release of its first annual report. Following a theme
of "States, Strength & Speed Aligned," the annual report
outlines the goals and accomplishments of the IIPRC’s inaugural year
of operation, as well as the results of its first audit report.
"Given that 2006 was the start-up year for the IIPRC, this annual
report reflects the initiation of our operations and our first audit
report," said IIPRC Executive Director Frances Arricale. "With 30
member jurisdictions to date, reflecting half of the premium volume
nationwide, the IIPRC continues to make progress in serving as the
central point of electronic regulatory filing under uniform
standards for asset-protection insurance products."
At its initial meeting in June 2006, the IIPRC formed an interim
Management Committee, published bylaws, and initiated a plan of
action developed by the National Association of Insurance
Commissioners’ (NAIC) Interstate Compact Implementation Task Force.
Since that time, the IIPRC established an organizational framework,
hired key staff, adopted its first uniform standards and approved
its first product filings.
"I look forward to meeting future challenges with the continued
support of our members as we work toward the modernization goal of
streamlined filing and efficiency, while continuing to hold the
strong bar on consumer protection," said IIPRC Chair and West
Virginia Insurance Commissioner Jane L. Cline.
The IIPRC will meet at 9 a.m. Friday, Sept. 28, 2007, at the
Marriott Wardman Park Hotel during the NAIC’s Fall National Meeting
in Washington, D.C. The annual formation of the IIPRC Management
Committee and the election of officers, in addition to other agenda
items, will occur during the three-hour meeting. For more
information, visit www.insurancecompact.org.
For an electronic version of the IIPRC 2006 Annual Report, click
About the Commission
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
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.