Newsletter

Greetings from the Compact! This spring’s Commission meeting opened on a celebratory note as we marked the Compact’s 20th anniversary. Before turning to business, attendees from our earliest gathering in 2006 were recognized with a lighthearted keepsake — a shirt declaring, “I was in Lansdowne in 2006…and all I got was this lousy T-shirt.”  The laughter that followed reflected genuine appreciation for how far the Compact has come. From those first meetings at a remote Virginia resort to today’s strong, collaborative national framework, our progress is the direct result of the dedication and partnership of our members across the states. As Nebraska Department of Insurance Director and Insurance Compact Chair Eric Dunning noted, “We should all be very proud of the Compact’s 20-year legacy and the transformative impact our collaborative, balanced approach has had on state based product regulation.” It was the perfect way to begin a milestone year — with gratitude for our shared history and momentum for the work ahead.

This celebration was a fitting primer for the remainder of the meeting and established a constructive tone for the work ahead. The Commission then moved through a full agenda, marked by thoughtful discussion and steady progress on several key initiatives. In this issue, you will find a recap of the San Diego meeting summarizing the principal actions taken and key highlights from the session.

The March 24 meeting also highlighted the release of two important publications: the 2025 Annual Report and the new Compact 101 Field Guide for Members. Printed copies of the Annual Report were available in the room for attendees to review, and the full electronic version is now accessible to everyone by visiting the Insurance Compact website and selecting “About” → “Annual Reports”.  Regulators in attendance also received printed copies of the Compact 101 Field Guide — a practical orientation resource that brings together essential background information, tools, and quick‑reference links — and it is now available to all member regulators on the Interstate Insurance Compact page within NAIC Connect.

Lastly, I would be remiss not to mention the two Roundtable events scheduled for 2026. The sessions will take place on July 15 in Boston, held in conjunction with the NCOIL Summer Meeting, and on October 21 in Omaha, scheduled alongside Insurtech on the Silicon Prairie. With so many exciting initiatives underway at the Compact, we encourage you to make plans to join us.

We are grateful for the opportunity to serve our members, and we are here to provide whatever support they need.

TK Keen was named Oregon Insurance Commissioner effective Dec. 3, 2025. He previously served as interim insurance commissioner since June 2025.

Commissioner Keen is also the Administrator of the Oregon Division of Financial Regulation (DFR). In this role, he oversees the regulation of the state’s insurance, banking, credit union, securities, mortgage, and many other financial markets. His responsibilities include protecting consumers and ensuring a robust, healthy, regulatory environment for business.

Commissioner Keen most recently served for 10 years as Deputy Insurance Commissioner for the Oregon DFR and has held a variety of high-profile policy and managerial roles within the division for 13 years. A lawyer by training, he has led the DFR’s work to successfully obtain a Section 1332 State Innovation Waiver to initiate and establish the state’s reinsurance program. He has also overseen the DFR’s response to wildfires and other critical emergencies.

Commissioner Keen is active in promoting financial literacy and antifraud messaging in his community. His recent efforts include presentations to Scam Jam events with the DFR, the Oregon Department of Justice (DOJ), and AARP, as well as other local presentations highlighting recent fraud cases and offering guidance on how consumers can protect themselves. He also spends his volunteer time supporting youth through his community’s Little League program and with Salem Academy, his children’s private school in Salem, OR.

Commissioner Keen earned a Juris Doctor (J.D.) from Lewis & Clark Law School (Portland, OR) and a bachelor’s degree in political science from Western Washington University (Bellingham, WA).

The Oregon DFR is responsible for protecting Oregonians’ access to fair products and services through education, regulation, and consumer assistance. The DFR protects consumers and regulates insurance, depository institutions, trust companies, securities, and consumer financial products and services. It is part of the Department of Consumer and Business Services (DCBS), Oregon’s largest consumer protection agency.

The Spring Joint Meeting of the Compact Commission and Management Committee brought together a strong showing of member states, legislative partners, advisory committee members, and industry representatives. The meeting opened on a note of appreciation for the many voices at the table — particularly legislators who took time away from still‑active sessions in their home states to participate. Their remarks underscored the value of the long‑standing collaboration between regulatory and legislative leaders, especially as the insurance landscape grows increasingly complex.

From there, the meeting transitioned into substantive committee updates. The Rulemaking Committee introduced a proposed new intermediate review process designed to give filers a clearer, more structured path to seek member‑level input during an active product review. This proposal will now move through the formal notice‑and‑comment process. The Product Standards Committee reported on two major workstreams: recommended amendments to accidental death benefit standards, and a recommendation that no changes are currently needed to the waiver of surrender charge standards. The Audit Committee shared positive news as well, announcing an unqualified audit opinion for 2025 and highlighting stable financials, strong operating discipline, and continued progress on debt repayment. Meanwhile, the Governance Committee confirmed updated charters for 2026 and reaffirmed its commitment to improving committee operations, communication, and alignment throughout the year.