The Insurance Compact Releases 2023 Annual Report

PHOENIX, Ariz. (March 19, 2024) – The Interstate Insurance Product Regulation Commission (Insurance Compact) released its 2023 Annual Report during its Joint Meeting of the Management Committee and Commission. The Annual Report emphasizes its accomplishments from 2023, most notably adopting Uniform Standards Development Guidelines, new rulemaking provision for incorporation by reference, and several new uniform standards, including Disability Income Buy-Sell and Key-Person and Group Whole Life Insurance products for employer/employee groups. The Commission also welcomed North Dakota to its membership in 2023.

The Insurance Compact also launched its redesigned website. Users now enjoy several new features that enhance their ability to navigate the website, such as dedicated Committee pages, easier access to upcoming meetings and events, and streamlined mobile access. The Adjunct Services Committee was created in 2023, and the Compact Officers hosted two well-attended Compact Roundtable to explore ideas and recommendations for new and enhanced services and programs the Insurance Compact can offer its members.

“In 2023, the Compact continued to strengthen and improve its operational processes, while developing strategic initiatives to enhance and expand the Compact's services to its Members,” said Kathleen A. Birrane, Maryland Insurance Commissioner and Chair of the Commission. “The Annual Report captures these operational and strategic accomplishments, which lay the foundation for a successful future.”

The Commission held a public hearing for the Individual Deferred Index Linked Variable Annuity Contracts (Commonly Marketed as Registered Index Linked Annuities) and amendments to the Additional Standards for Market Value Adjustment Feature Provided Through a Separate Account. The Management Committee also initiated the rulemaking process for certain individual Annuity Contract Standards to expand the use with the proposed Standards for Individual Deferred Index Linked Variable Annuity Contracts.

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