Insurance Compact welcomes North Dakota, bids farewell to Don Beatty

SEATTLE (August 15, 2023) - During its Joint Meeting of the Management Committee and Commission, the Interstate Insurance Product Regulation Commission (Insurance Compact) welcomed its newest member and bid farewell to a regulator who has provided exemplary service to the Insurance Compact and state-based insurance regulation. This meeting was North Dakota’s first as the 47th member of the Insurance Compact; the Compact legislation was enacted in North Dakota on April 6, 2023, and effective August 1, 2023. It was also the last in-person meeting for Don Beatty, Deputy Commissioner for Policy, Compliance, and Administration, who is retiring from the Virginia State Corporation Commission in December.

“I am excited to participate in my first Commission meeting,” said Jon Godfread, North Dakota Insurance Commissioner and 2023 Vice President of the National Association of Insurance Commissioners. “I would like to thank my colleagues in fellow compacting states for their warm welcome, and I look forward to working alongside them to support this vital part of our regulatory fabric for asset-based product regulation.”

“Today’s meeting was celebratory in more ways than one,” said Kathleen Birrane, Maryland Insurance Commissioner and Insurance Compact Chair. “We were thrilled to welcome North Dakota Commissioner and NAIC Vice President Jon Godfread to his first Commission meeting.  We also extended bittersweet congratulations to Don Beatty on his December 1 retirement from the Virginia Department.  Don has been a part of the Compact since its creation, and we have relied on his experience and legal acumen throughout its history. We will miss him.”

The Commission granted North Dakota’s request to stay the effectiveness of the Disability Uniform Standards while it continues to perform due diligence. The Management Committee also voted to expose a full suite of group whole life uniform standards for employer groups and the incorporation by reference amendment to the Rulemaking Rule for a 60-day public comment period.

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