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COMPACT COMMISSION ELECTS OFFICERS AT ANNUAL MEETING
Permanent Management 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 Commissioner Glenn 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.

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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© 2006 Interstate Insurance Product Regulation Commission. All rights reserved.