Interstate Insurance Product Regulation Commission Holds Annual Meeting and Election
ORLANDO, Fla. (Dec. 4, 2023) – The Interstate Insurance Product Regulation Commission (Insurance Compact) held its Annual Meeting in Orlando, FL on December 3. The Commission reelected 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. Rhode Island Department of Business Regulation Director Beth Dwyer will also continue to serve as Past Chair. The Management Committee for the coming year also includes Arizona, Georgia, Illinois, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, Texas, Virginia, and Wyoming.
“We have accomplished so much in 2023,” said Commissioner Birrane. “We have built upon the foundation set last year with our Roundtable events and leveraged those discussions to move key initiatives forward. Plus, we had the distinct honor of welcoming a new member, North Dakota, to our Commission. The creation of the Adjunct Services Committee and strategic planning efforts will ensure we continue to grow and evolve next year and beyond.”
“Strategic planning is critical to keep pace with the ever-evolving insurance marketplace and ensure our growth is in line with the membership’s needs,” said Director Dunning. “We have spent 2023 engaging in listening sessions with all stakeholders, including state department insurance regulators and Commissioners, industry and consumer partners, and legislative leaders; this crucial feedback will chart the Compact’s path forward for years to come.”
“2023 was a banner year for the Compact,” said Commissioner McVey. “We completed several longstanding projects this year, most notably the launch of the brand-new website in February. I look forward to continuing to improve the website and other outreach efforts to best meet the needs of our members and interested parties.”
The Commission also adopted new Group Whole Life Uniform Standards for Employer Groups and proposed amendments to the Single Premium Group Fixed Annuity Contract Standards for Employer Groups and Rule For Adoption, Amendment And Repeal Of Rules For The Interstate Insurance Product Regulation Commission (“Rulemaking Rule”). The Commission also adopted its budget and Annual Prioritization of Uniform Standards for 2024.