FOR IMMEDIATE RELEASE

news@insurancecompact.org 816.783.8909

 

INTERSTATE COMPACT WEB SITE GOES LIVE
Commission Launches www.insurancecompact.org


KANSAS CITY, Mo. (Aug. 16, 2006) – The Interstate Insurance Product Regulation Commission (Commission) has enhanced its availability to consumers, insurers, and regulators with the launch of its new Web site, www.insurancecompact.org.

“The creation of a user-friendly, accessible Web site is a progressive step in reaching the Commission’s goal to provide a more streamlined method of developing national product standards and to increase the speed and efficiency of state-based insurance regulation,” said R. Steven Orr, Maryland Commissioner of Insurance and Chair of the Commission’s Interim Web Site and Communications Committee. “With the development of this site, the Commission is taking full advantage of the Internet’s endless outreach and convenience, and it will provide insurance consumers, members of the industry, and regulators with a one-stop source of information on insurance regulation.”

The draft of the Commission's proposed bylaws, which it voted Aug. 2 to publish for public notice and comment, also are posted on the site. The Web site will feature links to the Commission’s adopted uniform standards, rules and procedures. The home page highlights important Commission news, events and announcements. A link to the Media and News page allows visitors to stay apprised of any Commission updates, as all news releases are posted and archived for reference. In addition, links to the Compact History, About the Commission and Event Calendar pages are available to visitors of the site.

“The release of the Compact Web site is an exciting and important step in the implementation of Commission operations,” said Diane Koken, Interim Management Committee Chair and Pennsylvania Insurance Commissioner. “By utilizing 21st century technology and communications tools, we’re operating as an integrated, global organization, with the ability to transfer information to our members in every corner of North America.”

A Progress Map of the 28 compacting states, and the states in which legislation is pending, details the multi-state growth of the Commission. A comprehensive Frequently Asked Questions page was designed to help those looking for a quick answer or explanation of the key aspects of the Commission. For those looking to contact the Commission, a Contact Us page was created with helpful phone numbers and email addresses.

To receive all Compact news releases, media advisories and other updates, join the Compact News Release distribution list by sending an email with your contact information to news@insurancecompact.org.

About the Commission

Currently, 28 states have joined the Interstate Insurance Product Regulation Commission. The compacting states 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.