FOR IMMEDIATE RELEASE


INSURANCE COMPACT MARKS THIRD ANNUAL MEETING
Elects Officers, Looks to Future Success

NATIONAL HARBOR, Md. (Sept. 22, 2008) - The Interstate Insurance Product Regulation Commission (IIPRC) marked its third annual meeting with highlights of its operational accomplishments and plans for future success under the mission of the Interstate Insurance Compact.

The high level of interstate cooperation by this 33-member compact has demonstrated the states’ responsiveness to evolving financial market needs, while continuing to uphold the primary responsibility for consumer protection.

During the annual meeting, the IIPRC membership elected officers for the next term. West Virginia Insurance Commissioner Jane Cline was re-elected chair of the IIPRC Management Committee. Ohio Insurance Director Mary Jo Hudson was re-elected vice-chair. Wisconsin Insurance Commissioner Sean Dilweg was newly elected treasurer.

"I am honored to be re-elected as chair of the IIPRC," Cline said. "The Compact is the model for the future of state-based regulation, and I look forward to continuing to work with my regulatory and legislative colleagues across the country to build upon our start-up success."

The IIPRC also held a public hearing on its public access platform and adopted an amendment to its procedures to enable requests of its public records through electronic means.

"Our momentum continues, with plans to increase our membership and expand our outreach to the industry," Hudson said. "Several states have pending compact legislation and we're optimistic that we will add to our membership rolls in the coming months."

IIPRC members reiterated their commitment to promulgating more standards. Insurance industry representatives responded with support and pledged to use the IIPRC as their filing venue of choice.

The IIPRC also adopted its 2009 budget, which will support its future plans.

"As one of the newest members of the IIPRC this year, Wisconsin is already seeing the benefits of the Compact with its high-level standards and streamlined processes," Dilweg said. "I am happy to become more directly involved with the IIPRC leadership as we look to expanding our interstate success story to meet the current challenges in the financial market."

About the Commission

Currently, 33 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, Nebraska, New Hampshire, 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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© 2008 Interstate Insurance Product Regulation Commission. All rights reserved.