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INTERSTATE COMPACT COMMISSION RELEASES FIRST ANNUAL REPORT
Inaugural Year of Operation Exemplifies ‘States, Strength & Speed Aligned’

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 HERE.


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.