FOR IMMEDIATE RELEASE

news@insurancecompact.org    816.783.8909

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