COMPACT COMMISSION ELECTS OFFICERS AT ANNUAL
Committee Installed During Gathering in Lansdowne, Va.
LANSDOWNE, Va. (NOV. 15, 2006) - The
Interstate Insurance Product Regulation Commission (Commission)
installed its Management Committee and elected a Committee chair,
vice-chair and treasurer today during the Commission’s inaugural
annual meeting in Lansdowne, Va.
The Commission elected Pennsylvania Insurance Commissioner Diane
Koken as Management Committee Chair; West Virginia
Insurance Commissioner Jane
Cline as Vice-Chair; and Minnesota Insurance
Wilson as Treasurer. Effective Dec. 1, Frances "Fran"
Arricale, Executive Director of the Commission, will serve as
Secretary, according to the Commission’s bylaws.
"Each member of the Commission has invested a lot of hard work to
get to this point, and they’ve shown their commitment to the success
of the Compact," Koken said. "I look forward to working with my
colleagues on the Management Committee, as well as with all
Commission members in setting our agenda for 2007, and collaborating
to meet these goals and timelines."
The Management Committee is comprised of one member from each of
the six largest compacting states, four members from the mid-sized
compacting states and one member representing the smaller compacting
states from four regional zones.
Members from the six largest compacting states include Koken
(Pa.), Commissioner Mike Geeslin (Texas), Director Ann
Womer-Benjamin (Ohio), Commissioner Jim Long (N.C.), Commissioner
Julianne Bowler (Mass.) and Commissioner John Oxendine (Ga.).
Members representing compacting states with at least two percent
of the market share of premium volume other than the six largest
states are Wilson (Minn.), Commissioner Alfred W. Gross (Va.), and
Commissioner Jim Atterholt (Ind.).
Based on an election to select representatives from compacting
states with less than two percent of the premium volume based on the
four NAIC regional zones, Cline (W. Va.) will represent the
Southeastern zone; Commissioner John Crowley (Vt.) will represent
the Northeastern zone; Commissioner Kim Holland (Okla.) will
represent the Midwestern zone; and Commissioner Mike Kreidler
(Wash.) will represent the Western zone.
"I am pleased to be part of the Commission leadership
team," Cline said. "We look forward to working closely with our new
Executive Director as we implement the organization’s operations.
With the bylaws and the official governing body in place, we will be
able to swiftly move forward with fulfilling the mission of the
Compact in adopting uniform standards."
"We realize this is a critical year for the Commission, as we
will be putting in place many of the procedures and policies that
will guide it in becoming the central point of filing for insurance
products," Wilson said. "I welcome the opportunity to serve
with my fellow officers and members of the Management Committee
during such a pivotal time for the Commission."
For more information on 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.
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