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NYC MEETING MOVES INSURANCE COMPACT CLOSER TO START–UP OF FILING OPERATIONS
IIPRC Elects West Virginia Insurance Commissioner Jane Cline as Chair


NEW YORK (March 9, 2007) - Building on the momentum from last year’s successes, the Interstate Insurance Product Regulation Commission (IIPRC) continues to make great progress toward meeting its operational goals for receiving its first product filings by June 2007.

 

The IIPRC and its Management Committee today met in conjunction with the National Association of Insurance Commissioners (NAIC) 2007 Spring National Meeting in New York City. Focused on its operational start–up, Member States reviewed the Commission’s proposed product filing system and technology platform. The IIPRC also announced its permanent Committee structure and appointed its eight–member Industry Advisory Committee. Applications for the Commission’s Consumer Advisory Committee are still being accepted.

 

In vacancy officer elections held during the meeting, the IIPRC elected West Virginia Insurance Commissioner Jane Cline as Chair. Michigan Insurance Commissioner Linda Watters was elected to serve as Vice Chair. Minnesota Insurance Commissioner Glenn Wilson will continue as Treasurer.

 

"I am very honored to be selected by my colleagues to lead the Commission during this pivotal time in the organization’s history," Cline said. "The Compact provides the best opportunity for the States to leverage their expertise and create a streamlined regulatory framework that continues to uphold strong consumer protections, while providing filing efficiencies for insurers. I am committed to working with all those involved to meet our operational goals, including our Members, state legislators, consumer representatives and industry."

 

Last month, the Commission adopted its final 2007 Operating Budget, nine new Uniform Product Standards, three new Operating Procedures, and is moving expeditiously to adopt more new Standards. Under the Interstate Insurance Compact enacted by its 29 Member States, the IIPRC will serve as a central point of streamlined filing for life, annuities, long–term care, and disability income products. 


About the Commission
Currently, 29 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, Michigan, 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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