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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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