GROWS EN MASSE
Becomes 28th Commission Member
KANSAS CITY, Mo. (Aug.
10, 2006) - The Interstate
Insurance Product Regulation Commission (Commission) has added
another state to its growing list of members, as Massachusetts
became the 28th state to sign the Interstate Compact. Gov. Mitt
Romney signed legislation into law today that allows Massachusetts
to become a member of the Commission.
"With the addition of
Massachusetts, half of the National Association of Insurance
Commissioners' (NAIC) 56 members have now joined the Commission,"
said Diane Koken, Pennsylvania Insurance Commissioner and Interim
Chair of the Commission. "The Commission's steady growth reinforces
the commitment of state regulators to quickly and effectively move
new, uniform national product standards to market."
"The Commission and its 28 state
members show an unparalleled dedication to modernizing state-based
insurance supervision to fit the needs of the ever-evolving
marketplace," said Alessandro Iuppa, NAIC President and Maine
Insurance Superintendent. "This is another example of states
collaborating to ensure the security and prosperity of both the
insurance consumer and industry. Achieving this balance has been a
hallmark of state-based regulation for 135 years."
An interim management committee
was established in June to oversee the Commission's plan to be fully
operational by early 2007. The Commission recently voted to publish
a draft of its proposed bylaws and rulemaking process for public
notice and comment. The full Commission also will hear public
comments during its next scheduled meeting on Sept. 12 in St. Louis,
Mo. The meeting will be held from 1-3 p.m. at the Renaissance Grand
Hotel (Room: America's Center 260), 800 Washington Ave.
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