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GREAT LAKES STATE MAKES
GREAT STRIDES
FOR INTERSTATE COMPACT
Michigan to Become 29th State to Join
Commission
WASHINGTON, D.C. (Dec. 18,
2006) —
Michigan is soon to become the 29th Member of the
Interstate Insurance Product Regulation Commission (Commission),
adding to the growing list of states to join the Insurance Compact.
The Michigan Legislature adopted the Compact on Dec.
14. The bill now is on its way to Gov. Jennifer M. Granholm for
action. Once the governor signs the Compact into law, Michigan
officially would become the 29th state to become a Member
of the Commission, increasing the nationwide premium volume in the
Compact to 48 percent. Michigan also will join the Management
Committee, bringing it up to its full complement of 14 members.
"With Michigan joining the Commission,
it is clear that momentum is continuing and the Compact is set for
greater growth in 2007,” said Diane Koken, Commission Management
Committee Chair and Pennsylvania Insurance Commissioner. “By signing
the Compact, all Members of the Commission have affirmed their
dedication to modernizing state–based insurance supervision and
keeping pace with the always–evolving insurance marketplace.”
“Adoption of the Interstate Compact represents a big
step forward for Michigan consumers and industry alike,” said
Michigan Office of Financial and Insurance Services Commissioner
Linda A. Watters. “Michigan continues to support the NAIC’s
state–based modernization efforts and the promotion of regulatory
uniformity.”
Since its introductory gathering in June, the
Commission has established a Management Committee, adopted bylaws,
elected officers, approved national standards for five adjustable
life products and, during its inaugural annual meeting in November,
named Frances Arricale as Executive Director.
“We have made some great strides since reaching the
Compact’s operational goal in May,” Arricale said. “Since then, we
have set into motion our plan of action, and we will continue to
reach out to other states about joining the Compact.”
Also in 2007, the Commission is planning to publish
and consider more than 30 additional proposed standards in the areas
of life insurance and annuities. Draft uniform standards that have
been developed through the significant work of the Interstate
Compact National Standards Working Group of the NAIC’s
Speed-to-Market (EX) Task Force are available for the Commission to
utilize in developing uniform national product standards. The
Commission is confident it will be in a position to accept product
filings for review and approval in 2007.
For more information about the Commission, visit www.insurancecompact.org.
About the Commission
Currently, 28
members have joined the Interstate Insurance Product Regulation
Commission. The compacting members 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. |
