WASHINGTON (June 14, 2021) — June 13, 2021, marked the 15th anniversary of the Interstate Insurance Product Regulation Commission's (Compact) inaugural meeting. From the first meeting of just 27 states to today, the Compact counts 46 jurisdictions among its membership, constituting 75% of the filing volume nationwide, and it has adopted 104 Uniform Standards.
"In these 15 years, the Compact has had a transformative effect in our state-based regulatory processes promoting meaningful uniformity, transparency and efficiency for the Compacting states, regulated entities and the consumers we collectively serve," said Elizabeth Kelleher Dwyer, Chair of the Compact and Rhode Island Superintendent. "The adoption and implementation of the Strategic Plan ensures the Compact will continue this trajectory for years to come, and I look forward to working with my fellow members and interested parties to bring that vision to fruition."
Added Karen Schutter, Executive Director of the Compact, "It is incredible to see how far the Compact has come in just 15 years. We are pleased to be not only the premier solution for state-based regulatory approval of asset-based insurance products, but a valuable resource for our members as well. We know the insurance marketplace is always evolving, and with the commitment and dedication of state regulators, state legislators, consumer representatives, company representatives and industry organizations, the Compact is positioned well to meet this demand."
As part of the Strategic Plan, the Compact is currently soliciting feedback for its Uniform Standards Annual Identification Prioritization process. Members and interested parties may request a new standard or an amendment to an existing one. All requests must be submitted to the Compact by June 30, 2021. More information about the Uniform Standards Prioritization process can be found on the Compact's website.