VOLUNTEER STATE JOINS COMPACT RANKS
Tennessee Becomes 30th Member of Interstate Insurance
WASHINGTON, D.C. (May 18, 2007) - Tennessee Gov.
Phil Bredesen this week signed legislation making the Volunteer
state the 30th member of the Interstate Insurance Product Regulation
Commission (Commission). Now representing half of the nationwide
premium volume, the Commission continues to make rapid progress in
adopting new Uniform Standards and setting up product filing
"We are very happy to welcome Tennessee as the 30th member of the
Commission," said West Virginia Insurance Commissioner Jane Cline,
Chair of the Commission. "The Insurance Compact brings member states
the benefit of regulatory efficiencies while upholding the highest
level of consumer protections. I look forward to working with
Insurance Commissioner Leslie Newman as Tennessee joins us in moving
forward on this state-based modernization initiative."
"Tennessee is very pleased to join the Compact," said Leslie
Newman, Commissioner of the Tennessee Department of Commerce and
Insurance. The legislation was signed on May 14. "Benefiting
consumers and the industry, joining the compact provides
speed–to–market of insurance products and standards of product
regulation from state to state."
The Commission is working diligently to have its product filing
operations set up this year. In time for its June 1 meeting at the
Summer National Meeting of the National Association of Insurance
Commissioners (NAIC) in San Francisco, the Commission will have 14
Uniform Standards in effect for filing use. It also will be
encouraging companies to consider a Compact filing to gain the
efficiencies of 30 Member State filings in one submission through
the System for Electronic Rate and Form Filing (SERFF).
For more information about the Commission, visit www.insurancecompact.org.
About the Commission
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
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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