FOR IMMEDIATE RELEASE

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INTERSTATE INSURANCE COMPACT OPEN FOR BUSINESS


SAN FRANCISCO (June 2, 2007) - The Interstate Insurance Product Regulation Commission (IIPRC) met Friday in San Francisco and adopted an operational structure to begin receiving product filings.

The IIPRC adopted an interim "Mix–and–Match" system for product filing operations, which will allow insurers to utilize already-approved Member State forms with forms approved by the Commission under its Uniform Standards. This procedure will provide insurers with the capability for immediate product filings, while the IIPRC continues to develop new Uniform Standards in its authorized product lines of life insurance, annuities, disability income and long–term care insurance.

"We are very pleased to be open for business," said IIPRC Chair and West Virginia Insurance Commissioner Jane Cline. "Our accomplishments today truly demonstrate that state–based regulation is pro–active and responsive to the evolving insurance marketplace while continuing to hold the bar on consumer protection."

Also during its meeting in San Francisco, the IIPRC announced that product filing examiners and professional staff would be seconded from Member States for an interim time period until permanent staff is hired at its headquarters in Washington, DC later this year. Additionally, the IIPRC adopted eight new Uniform Standards after public comment, which included consumer and industry input.

"The commitment of our Members and state legislatures to the Compact goals has brought us to our targeted objective of starting up product filing operations this year," said Frances Arricale, IIPRC Executive Director. "We now encourage insurers to make an initial filing with the Compact."

For more information about the Commission, visit www.insurancecompact.org.


About the Commission
Currently, 30 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, Tennessee, 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.