Interstate Insurance Product Regulation Commission Holds Annual Meeting and Election
SAN DIEGO (Dec. 13, 2021) - The Interstate Insurance Product Regulation Commission (Insurance Compact) held its Annual Meeting in San Diego, CA on December 12. The Commission elected Maryland Commissioner Kathleen A. Birrane to serve as Chair, Nebraska Director Eric Dunning to serve as Vice Chair, and West Virginia Commissioner Allan L. McVey to serve as Treasurer. The Management Committee for the coming year also includes Illinois, Massachusetts, Michigan, Minnesota, New Jersey, Ohio, Pennsylvania, Rhode Island, Texas, Virginia, and Wyoming.
"I am delighted to serve as Chair of the Commission for the incoming year," said Commissioner Birrane. " I look forward to engaging with my fellow members, state legislators, and interested parties alike to promote the long-term sustainability of the organization and reaffirm the Insurance Compact’s long-held motto: States, Strength, & Speed Aligned."
"I am honored to serve as Vice Chair as the Commission continues its important work of implementing its Strategic Plan," said Director Dunning. "I am impressed with the progress that has been made thus far, and I look forward to working with my colleagues to realize the full implementation of this important initiative as well as continue the good governance work of the organization."
"I am pleased to be elected as Treasurer and look forward to working with my fellow members and the Compact Office " said Commissioner McVey. "Particularly, with the approval of the Insurance Compact’s 2022 Annual Budget, work on a redesigned Insurance Compact website can commence in 2022, as well as follow up on key recommendations from the independent governance review and business assessment performed in 2020."
The Commission also elected to adopt a new Uniform Standard, Standards for Filing Revisions to In-Force Rate Filing Schedules for Individual Long-Term Care Insurance. Also known as the “Kreidler Option,” the new long-term care insurance Uniform Standard splits the requirements for initial rate schedules and requirements for in-force rate increases and revisions into two separate Uniform Standards.