The Interstate Insurance Product Regulation Commission and Management Committee convened their 2026 Summer Joint Meeting, combining governance actions, committee updates, and recognition of the Compact's 20th anniversary. The meeting included the adoption of several amendments to Uniform Standards, approval of a new operating procedure, committee reports, and discussion of ongoing initiatives supporting regulatory efficiency and state-based insurance regulation.
Leadership Updates and Member Recognition
The meeting opened with the recognition of Nevada Commissioner Ned Gaines, who was appointed Vice Chair of the Commission following a vacancy created by the retirement of former Vice Chair Allan McVey of West Virginia. Compact Chair and Nebraska Insurance Director Eric Dunning thanked McVey for his years of dedicated service to the Compact, including his work as Treasurer and Vice Chair. The Commission also welcomed Arkansas Insurance Commissioner, Jimmy Harris, as the new Southeast Zone representative to the Management Committee.
Long-Term Care Standards Amendment Approved
The amendment was developed in response to a request from Colorado seeking an exception to the Compact's gender-rating requirements in circumstances where state law and binding court rulings prohibit gender-based rating. The proposal was reviewed by the Product Standards Committee, released for public comment, and discussed during a public hearing.
Representatives from the American Council of Life Insurers (ACLI) reiterated their opposition to the change, citing concerns about maintaining regulatory uniformity across Compact states. The final proposal incorporated revisions that narrowed its application, including limiting it to stand-alone long-term care policies and requiring a binding court ruling or opinion. While some of those revisions reflected language previously suggested by ACLI, the organization maintained its opposition to the amendment.
Colorado officials emphasized that the proposal addressed a specific state legal requirement and would help avoid the need for the state to opt out of the Compact framework.
Following discussion, the Management Committee and Commission conducted a joint roll-call vote. The amendment received the required two-thirds approval and was adopted.
Compact Marks 20 Years of Operation
The Commission recognized 2026 as the 20th anniversary of the Compact's operational launch, noting that the organization reached its activation threshold in 2006 when 27 states representing 40% of national premium volume joined the Compact. A commemorative video featured reflections from current and former Compact leaders, highlighting the organization's accomplishments in streamlining product filing review, improving regulatory efficiency, strengthening state collaboration, and maintaining consumer protections.
Life and Annuity Standards Amendments Adopted
The Commission next considered amendments affecting four Uniform Standards:
- Standards for Accidental Death Benefits
- Additional Standards for Accidental Death and Dismemberment Benefits
- Individual Deferred Paid-Up Non-Variable Annuity Contract Standards
- Individual Immediate Non-Variable Annuity Contract Standards
The annuity amendment made technical clarifications to the Individual Immediate Non-Variable Annuity Contract Standards to specifically refer to "the company's then current annuity purchase rates" and to allow for the additional purchase rate option. The Commission also adopted a wording refinement proposed by Utah.
The amendment to the Individual Deferred Paid-Up Non-Variable Annuity Contract Standards added the participating/non-participating distinction to the actuarial certification. Following a roll-call vote, all four amended standards were approved with the required two-thirds majority.
New Intermediate Review Operating Procedure Approved
The Commission adopted a new operating procedure governing the intermediate review of questions involving the application of Uniform Standards or operating procedures during product filing reviews.
The Rulemaking Committee revised the proposal in response to stakeholder comments from ACLI. The principal amendment permits a requester to withdraw an intermediate review request before issuance of a final report, while preserving the Member Review Board's ability to refer redacted findings to the Management Committee when broader regulatory issues warrant consideration.
The operating procedure was approved by both the Management Committee and the Commission and will take effect on October 5.
Product Standards Committee Update
Product Standards Committee Chair Andria Seip provided an update on committee activities, including:
- An August public call regarding proposed standards for bonus benefits for individual adjustable life insurance policies
- Review of nine requests for new or amended uniform standards for 2027
- Development of a proposed 2027 Uniform Standards Identification List for Management Committee consideration at the annual meeting
- Continued work on new standards for group variable annuities, including group contracts, certificates, and additional benefit provisions
- No Commission action was required on the report.
Finance Committee Reports Strong Financial Results
Treasurer Commissioner Grant reported positive financial performance through the end of May 2026.
Key highlights included:
- More than $3 million in revenue, exceeding budget by approximately 1.5%
- Revenue growth of approximately 8% over the prior year
- Expenses running approximately 13% below budget
- More than $1.89 million in filing fees remitted to member states, representing an 18% increase over the previous year
The Finance Committee also reported that development of the 2027 budget is underway and that no filing fee increase is currently anticipated.
North Dakota Extension Request Approved
The Commission unanimously approved North Dakota's request for a one-year extension of its stay regarding the Compact's individual and group disability income standards. North Dakota joined the Compact in 2023 and requested additional time to continue evaluating concerns before determining whether to pursue an opt-out request. The extension moves the deadline to May 1, 2027.
Key Actions Taken
• Approved amendments to long-term care rate standards related to Colorado's statutory requirements.
• Adopted amendments to four life and annuity uniform standards.
• Approved a new operating procedure for intermediate review requests.
• Approved North Dakota's one-year extension regarding disability income standards.
• Adopted prior meeting minutes through the consent agenda.
• Received Product Standards Committee and Finance Committee reports.
