WISCONSIN BECOMES 31st STATE TO JOIN INSURANCE COMPACT

WASHINGTON, D.C. (March 26, 2008) — The Interstate Insurance Product Regulation Commission (IIPRC) welcomed the Badger State as its newest member yesterday, when Wisconsin Gov. Jim Doyle signed SB 294.

"As the first state to join the IIPRC during 2008, we extend a hearty welcome to Commissioner Sean Dilweg and our colleagues in Wisconsin," said West Virginia Insurance Commissioner Jane Cline, who is chair of the IIPRC's Management Committee. "Wisconsin's support of our regulatory modernization agenda demonstrates how all states across the nation are working together to meet the demands of a competitive global insurance market, while upholding our primary responsibility to protect insurance consumers."

Charged with providing speed-to-market product reviews for asset-based insurance products while continuing to uphold high-level consumer protections, the IIPRC represents more than one-half of the nationwide insurance premium volume. It is a successful interstate compact with member states across the country.

“As part of our continuing efforts to better coordinate insurance regulatory practices among the 50 states, we requested approval from the Governor and Wisconsin Legislature to join this compact,” said Wisconsin Insurance Commissioner Sean Dilweg. “I thank the Governor and the Legislature for their bipartisan effort to get this done.”

The IIPRC conducts its filing review operations online through the National Association of Insurance Commissioners' (NAIC) System for Electronic Rate and Form Filing (SERFF). Through this state-based modernization initiative, IIPRC member states develop national product standards to promote filing uniformity. The IIPRC is authorized to provide the streamlined review process for life, annuity, disability income and long-term care products; whereby, insurers may make one filing under one set of rules for one approval within a 60-day turnaround time that is valid in all IIPRC member jurisdictions.

About the Commission

Currently, 31 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). 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, Wisconsin and Wyoming.

The IIPRC enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The IIPRC 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.

For more information, visit www.insurancecompact.org.