INSURANCE COMPACT COMMISSION
PUBLISHES PROPOSED BYLAWS
Kansas City, MO (August
2) – The interim Management Committee of the Interstate
Insurance Product Regulation Commission (Commission) voted to
publish a draft of its proposed bylaws for public notice and
comment. The committee met via an open conference call today.
Members also voted to publish the proposed rulemaking process for
the Commission. During the next 30 days, the public is invited to
provide comment on both proposals.
The full Commission will also hear public comments
during its next scheduled meeting on September 12 in St. Louis. The
meeting will be held from 1:00 p.m. to 3:00 p.m. at the Renaissance
Grand Hotel, (Room: America’s Center 260), 800 Washington Avenue.
Written comments from the public are due by
September 2, 2006. Participants who wish to address the Commission
on September 12 must register by September 2. Written comments and
requests to address the Commission may be emailed to: email@example.com
or mailed to the Commission c/o Karen Schutter, 2301 McGee Street,
Suite 800, Kansas City, MO 64108-2662.
The interim Management Committee discussed several
business items during today’s call, including the search for an
executive director, the development of product standards, and the
creation of a new Web site.
About the Interstate Insurance Product Regulation
Currently, 27 states have joined the Interstate
Insurance Product Regulation Commission. The compacting states are
Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas,
Kentucky, Maine, Maryland, Minnesota, Nebraska, New Hampshire, North
Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island,
Texas, Utah, Vermont, Virginia, Washington, West Virginia and
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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