COMMISSION ELECTS NEW OFFICERS AND RELEASES ANNUAL REPORT
WASHINGTON, D.C. (Mar. 29, 2015) -The Interstate Insurance Product Regulation Commission (IIPRC) met in Phoenix, AZ on March 27 and elected a slate of new officers. The Commission selected Texas Insurance Commissioner David Mattax as Chair, Virginia Insurance Commissioner Jacqueline K. Cunningham as Vice Chair and Puerto Rico Insurance Commissioner Angela Weyne as Treasurer.
The Commission also released its 2014 Annual Report, highlighting its sustained growth and advances. Highlights include welcoming Arizona as the newest Compacting State, completing the first five-year review of the individual life and annuity uniform standards and increasing the number of efficiency-minded companies utilizing the speed-to-market benefits of the Commission's product filing process.
"Texas has been an early and strong supporter of the Compact" said Mattax. "As Chair of the IIPRC, I am looking forward to working with my fellow member states to continue this important effort to develop uniform standards and encourage all states and companies to participate in this transformative state-based organization."
"As part of the leadership of the Commission over these past few months, I have a deep appreciation for the many dedicated regulators, interested parties, consumer representatives and state legislators that work to fulfill the Compact's critical mission of uniformity and speed-to-market" said Cunningham. "As Vice Chair, I will continue to promote the Compact's value-added benefits for the state-based regulatory system."
"I am very pleased to serve as Treasurer of the Commission working with my fellow members to continue the stewardship of the organization's positive financial and operational growth" said Weyne. "We will work closely with the IIPRC office to continue strong oversight of its operations for the benefit of states, filers and consumers."
About the Commission
Currently, 44 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, 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.