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INTERSTATE
COMMISSION CONTINUES
TO MAKE
PROGRESS
28
Members Have Joined; Groundwork Established for Future
Success
ST. LOUIS (Sept. 10,
2006) – As an eventful summer
winds down, the Interstate Insurance Product Regulation Commission
(Commission) is making plenty of progress, from the addition of
Massachusetts as a compacting state in August to laying the
groundwork for its further development and growth.
On
Aug. 10, Massachusetts became one of the six largest states to have
joined the Interstate Compact, bringing the number of members to 28,
which represents 44 percent of the premium
volume.
"We
are pleased to have eight additional states join the Compact this
year, showing that the momentum is continuing," said Pennsylvania
Insurance Commissioner Diane Koken, chair of the Commission's
interim management committee. "The states in which the legislation
is pending or has passed recognize the significant benefits of
joining the Compact during its formative stage. We are pleased that
many states are continuing legislative efforts to implement this
important initiative."
The
Compact Commission launched its Web site, www.insurancecompact.org,
in mid-August.
"This exciting
development will provide a valuable communication means for reaching
out to members, consumers, legislators and industry in all corners
of our membership," said Maryland Insurance Commissioner Steve Orr,
chair of the interim Web site and communications subcommittee. "Web
site users will be able to track the draft standards, rules and
other recommendations being considered and provide comments to the
Commission."
In
July, the Commission initiated a search for an executive director
utilizing an outside recruiting firm specializing in executive-level
recruitment. During the past few months, small groups of dedicated
employees from member insurance departments pooled their resources
and expertise to perform the work involved in preparing
recommendations for notice and comment as well as consideration by
the interim management committee and the Commission. Since the
beginning of August, several of these recommendations have been
published for notice and comment including draft bylaws, a
rulemaking rule, a public access rule, five adjustable life
standards, as well as proposed timelines and budgets.
The
Commission will hold a public hearing at 9 a.m. Sept. 12 at
America's Center in St. Louis (Room 260, Level 2) to hear comments
on the draft bylaws and proposed rulemaking rule. It also will meet
at 12:30 p.m. that afternoon to hear reports from the interim
management committee, interim legislative committee, interim
consumer advisory committee and interim industry advisory committee,
as well as discuss comments and proposed amendments to the bylaws
and rulemaking rule.
The
Commission has also scheduled a meeting set for Nov. 15-16 in
Washington, D.C.
Additional details, including a meeting agenda, are expected
to be circulated in early October.
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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