Newsletter

As summer transitions into autumn, the changing season offers an opportunity to reflect on the progress made across the Insurance Compact. Throughout the year, our Members, committees, and staff have remained focused on advancing key initiatives that strengthen the Compact's ability to serve states, consumers, and the insurance marketplace. During this season, many of these efforts are reaching important milestones in conjunction with the Fall harvest.

In this month's newsletter, you'll find updates on several ongoing initiatives, committee activities, and upcoming events that will shape our work in the months ahead.

Before highlighting those updates, I would like to extend my sincere appreciation to each of our committee chairs. Your leadership, expertise, and dedication to fostering collaboration among member states are essential to the Compact's success. Through your service, you help ensure the continued strength and effectiveness of our state-based system of insurance regulation.

This month, Andria Seip departed the Iowa Insurance Division and, consequently, stepped down from her role as Chair of the Product Standards Committee. On behalf of the Compact, I would like to express our gratitude for the significant contributions she has made during her tenure. Her thoughtful leadership and dedication have helped guide the committee's work and fostered meaningful outcomes for our Members. 

Following her departure, Mary Block (Vermont) is now serving as Chair of the Product Standards Committee for the remainder of the year. The committee has also appointed Latif Almazan (Texas) as the Vice Chair. We are truly grateful for both states’ willingness to take on these roles so swiftly and serve the PSC and Compacting States in this capacity.

Looking ahead, several important events are scheduled for October. On October 8 at 3:00 p.m. ET, the Insurance Compact will host a virtual orientation for State Designated Representatives. This session is designed to acclimate both new and existing representatives with the Compact's purpose, state participation framework, and the resources available to support their engagement. Representatives who would benefit from a refresher are also encouraged to attend. Registration information has been distributed via email to each state's designated representative.

We are also looking forward to welcoming many of you to the upcoming Omaha Roundtable on October 21. This year's meeting will provide an opportunity to engage in discussions on key industry and regulatory topics, learn from a series of practical vignettes, and celebrate the Compact's 20th Anniversary with fellow Members and stakeholders. If you plan to attend, please confirm your participation as soon as possible so staff can finalize preparations. The meeting will be held at the Kiewit Luminarium, with registration and breakfast beginning at 8:00 a.m. and the Roundtable session running from 9:00 a.m. to 12:00 p.m.

The Compact's success is built on the engagement and partnership of its Members. Thank you for your continued commitment to our shared mission. As always, if the Compact office can be of assistance, please do not hesitate to reach out.
 

Sincerely,

Karen Z. Schutter

Jimmy Harris was appointed Commissioner of the Arkansas Insurance Department by Gov. Sarah Huckabee Sanders effective Nov. 5, 2025, after previously serving as Interim Commissioner and Deputy Commissioner of Market Regulation. 

He has nearly 25 years of experience in the insurance industry, including roles as compliance director and examiner with the Arkansas Insurance Department, as well as prior work as a licensed agent. 

As Arkansas’ chief insurance regulator, Commissioner Harris is committed to upholding the department’s statutory responsibilities and ensuring its mission—to protect and inform Arkansans while maintaining a strong and stable insurance market—is carried out effectively and efficiently. 

Commissioner Harris’ primary goal is to build on the Arkansas Insurance Department’s strong foundation by implementing measures that make the agency more accessible to Arkansans. He remains focused on providing balanced and consistent oversight of the insurance market, strengthening consumer advocacy and education and establishing a successful home resiliency program. 

A lifelong Arkansan, Commissioner Harris and his family live in central Arkansas. He earned a bachelor’s degree in insurance and risk management from the University of Central Arkansas (Conway, AR). 

At the national level, Commissioner Harris actively participates in NAIC committees, task forces, and working groups.
 

The month of September hosted two regulator-only Product Standards Committee (PSC) calls. In the September 1 meeting, the PSC discussed comments from the August 18 public call and additional comments made on the 2027 requests for new or amended Uniform Standards. The PSC noted the ACLI requested via email to withdraw the request for adding a repayment option to the Waiver of Premium Standards. The committee reviewed the remaining items on the 2026 Uniform Standards Development list and solidified the ones being carried over into 2027. The PSC also received the draft Group Variable Annuity Contract Standards and will begin reviewing it on the next call.

It was during this meeting that Andria Seip formally announced her departure from the Iowa Department of Insurance and her position as PSC Chair. The committee thanked Andria for her leadership as Vice-Chair and Chair for the past six years.

On September 15th the Product Standards Committee (PSC) met during a regulator-only call to continue their work on the 2027 requests for new or amended Uniform Standards. At the committee’s first meeting under new Chair, Mary Block (Vermont), members finalized revisions to the Additional Standards for Bonus Benefits for Individual Adjustable Life Insurance Policies. These changes clarify how the standards apply only to guaranteed bonus benefits. The standard is now ready to move to the Management Committee to begin the formal rulemaking process.

A major focus of the meeting was the rollout of a new pilot prioritization survey for 2027 Uniform Standards requests. The new process is designed to gather structured feedback from regulators and registered filers, providing the PSC with additional data as it determines the priorities for the 2027 Uniform Standard recommendations. Committee leaders emphasized the survey will supplement, not replace, the committee’s existing deliberative process. The purpose of this pilot survey is to allow the PSC to record feedback from key stakeholders, so a well-rounded perspective is provided that accurately reflects the current needs of the states and registered filers. Results will be shared in aggregate form and used to help assess market demand, regulatory interest, and development feasibility. The PSC is looking for meaningful responses to all the questions and encourages departments to collaborate internally to ensure accuracy in the reporting of their information. The PSC requests that only one response be submitted by each DOI to maintain the integrity of the collected data. Please take time to ensure your survey is completed by the October 2 deadline.

The PSC also began its review of a draft Group Variable Annuity Contract Standard, developed from existing group fixed annuity standards and updated to address variable product features. Members were encouraged to review the draft and compare it against filings in their own states ahead of a more detailed discussion at upcoming meetings. Additional benefit standards for group variable annuities are also under development. 

The next PSC calls are scheduled for October 6 and October 13, with a public call expected on October 29.

"The Finance Committee held a public call on September 29. This meeting was conducted to review the Compact’s current financial standings and the projected budget for 2027. At the end of July 2026, revenues were $3.35 million, exceeding budget projections by 3.7%, while expenses remained below budget due primarily to staffing vacancies and lower-than-anticipated meeting and travel costs. The Compact Office is currently in the process of filling one of the vacancies as well as retaining an actuary as budgeted for in 2026. Committee leadership reported strong filing fee performance in 2026, with revenues running ahead of prior-year levels and expedited review activity returning to expected volumes following last year’s system transition. The organization has also collected and remitted more than $2 million in state filing fees this year.

Proposals for the 2027 budget are anticipated to be realigned with actual recent spending patterns. The budget includes funding for positions that are currently being filled, including an actuary and regulatory attorney, as well as a proposal to add a new form reviewer position in 2027 to support growing product review workloads, improve turnaround times, and enhance service capacity.
The Committee also noted the strong cash position of the Compact’s current financial standing. This position is largely attributed to higher-than-expected revenues, and the conversion of the outstanding debt payments into a contribution. The elimination of scheduled payments reduced the Compact’s cash obligations.

Before adjourning the meeting, the Finance Committee passed a motion to recommend the 2027 draft budget, schedule of fees, and requested staffing resources to the Management Committee. A public hearing is anticipated to take place later this fall along with the adoption of these items. The 2027 budget is planned to take effect on January 1, 2027.

Zhuri Cannon is an Administrative Assistant at the Insurance Compact, providing comprehensive executive and organizational support to senior leadership and the Compact team.

In her role, Zhuri manages complex administrative and operational workflows, including calendar coordination, travel logistics, expense reporting, records management, and cross-functional support for Commission and Management Committee activities. She also contributes to governance documentation, including drafting meeting notices, preparing minutes, and producing professional presentations to advance the organization's initiatives.
Zhuri brings a strong academic and practical foundation in business operations, holding a Bachelor of Science in Business Administration with a concentration in Marketing Management from Goldey-Beacom College, and is currently completing her Master of Business Administration. Her professional background spans high-volume administrative management, financial processes, and compliance coordination, defined by a proactive, detail-oriented, and dependable approach.

Beyond the Office

Committed to community engagement, Zhuri serves as a counselor at the Piedmont Learning Center, supporting corporate retreats, youth summer programs, and hands-on environmental education initiatives, including managing on-site beekeeping and local honey harvesting. As a former NCAA Division II two-sport collegiate athlete, she channels the discipline, teamwork, leadership, and perseverance gained from athletics into both her career and her volunteer work. Outside of her professional and community commitments, she enjoys traveling and exploring new cultures.