FOR IMMEDIATE RELEASE


INSURANCE COMPACT HOLDS FOURTH ANNUAL MEETING

NATIONAL HARBOR, MD (Sept. 21, 2009) - The Interstate Insurance Product Regulation Commission (IIPRC) held its fourth annual meeting, reflecting on the operational accomplishments of this young organization so far this year. The Commission also elected its officers for next year and adopted its 2010 annual budget.

During the meeting, the Commission elected Ohio Insurance Director Mary Jo Hudson as chair of the IIPRC Management Committee. Wisconsin Insurance Commissioner Sean Dilweg was elected vice chair and Vermont Insurance Commissioner Paulette Thabault was elected treasurer. 

The IIPRC has experienced impressive growth in the past year, increasing its membership to 36 states with Mississippi, New Mexico and Missouri joining in 2009. The IIPRC has also increased the number of adopted Uniform Standards to 54. These additions have correspondingly increased the level of company registrations and product filings well above the 2008 levels.

"I am very excited to lead this organization, especially during this critical period of development and growth," said Hudson. "I would like to thank outgoing West Virginia Commissioner Jane Cline for her dedicated service to the organization. We are moving forward to adopt additional standards and add more states as companies continue to realize the competitive advantage and cost savings of making one filing with the IIPRC."

 "The IIPRC is revolutionizing the product approval process while maintaining strong consumer protections and state-based oversight of our marketplaces," Dilweg said. "As vice-chair, I look forward to reaching out to non-compacting states and companies to encourage their full participation in the IIPRC."

"I am a big supporter of the IIPRC as membership benefits Vermont in many ways -- not only in terms of speed-to-market for companies and consumers, but also assurance that IIPRC products being marketed in Vermont have been thoroughly reviewed under detailed Uniform Standards," said Thabault. "I am honored to serve the IIPRC as an officer and look forward to working with the membership as we put the final building blocks in place over the next year." 

About the Commission

Currently, 36 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, 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.


 

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© 2009 Interstate Insurance Product Regulation Commission. All rights reserved.