The Insurance Compact Releases 2021 Annual Report
Kansas City (April 5, 2022) – The Interstate Insurance Product Regulation Commission (Insurance Compact) released its 2021 Annual Report during its Joint Meeting of the Management Committee and Commission. The Annual Report highlights its achievements from 2021, including a record-breaking year in filing revenue and significant progress towards completing deliverables in the Insurance Compact Compass – Strategic Plan: 2020 – 2022.
Notably, Delaware became the 47th Compacting state in 2021. The Commission adopted a series of emergency rules for the first time in its history last year. The Commission also collaborated to find solutions for South Carolina's request to reduce or eliminate the 15% threshold for Compact approval authority of in-force rate increases in the Rate Filing Standards for Individual Long-Term Care Insurance. Members voted to adopt the option proposed by Washington Insurance Commissioner Mike Kreidler.
"The Annual Report showcases our ability to respond to the issues we face and collaborate to find solutions," said Kathleen A. Birrane, Maryland Insurance Commissioner and Chair of the Commission. "The accomplishments achieved in 2021 are really a testament to the hard work of our members and interested parties to make the Insurance Compact everything it is today. I look forward to leading the Commission to another banner year in 2022."
The Commission also agreed to release its draft advisory opinion to the public during the meeting, as well as adopted amendments to its bylaws. Additionally, the Management Committee recently voted to appoint two new members of the Consumer Advisory Committee: Bruce Ramge, former Director of the Nebraska Department of Insurance, and Jane Cline, former Commissioner of the West Virginia Office of the Insurance Commissioner.
The Insurance Compact 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 Insurance Compact 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.