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IIPRC ELECTS 2012 OFFICERS, ADOPTS BUDGET
NATIONAL HARBOR, Md. (Nov. 4, 2011) —The
Interstate Insurance Product Regulation Commission (IIPRC) held its annual
meeting this week to elect officers, adopt its 2012 Budget and Schedule of
Fees.
The Commission elected New Hampshire Insurance Commissioner Roger Sevigny
as Chair, Missouri Insurance Director John Huff as Vice Chair, and
Pennsylvania Insurance Commissioner Michael F. Consedine as Treasurer. In
addition to these Compacting States, the Management Committee for the
coming term also includes Georgia, Illinois, Maryland, Michigan, Minnesota,
Mississippi, Nebraska, New Jersey, Ohio, Oregon and Texas.
"I am very pleased to be re-elected as Chair of this growing
organization of states," said Sevigny. "With 41 states, we
deliver the speed-to-market and uniform standards requested by companies
and ensure consumers benefit from strong product requirements."
The IIPRC now has 41 Compacting States representing approximately 70% of
the nationwide asset-based premium volume with five new states — Illinois,
New Jersey, Alabama, Nevada and Oregon — enacting the legislation over the
past year. With this meeting, the Commission has now adopted the full set
of individual disability income uniform standards, which will allow
companies to submit these products to the IIPRC in early 2012.
"I look forward to serving as Vice Chair of the IIPRC, an integral
part of our state-based regulatory system for asset-based product
approval," said Huff. "We are well-positioned to leverage our
successes and continue our momentum towards full implementation of the
IIPRC by encouraging additional states to join our ranks and more companies
to register and file."
The IIPRC experienced a 33% growth in its revenues from 2010, and projects
continued revenue growth in 2012 driven by an increasing number of
companies leveraging the tremendous benefits and savings of filing with the
IIPRC.
"Pennsylvania has been a long-time supporter of the IIPRC and a strong
advocate for its usage by life companies," said Consedine. "I am
honored to be elected as Treasurer and look forward to working with my
fellow states as we build upon our successes."
About the Commission
Currently, 41 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members are
Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New
Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, 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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