Interstate Insurance Product Regulation Commission Holds
Annual Meeting and Election
WASHINGTON (Dec. 8, 2020) — The Interstate Insurance Product Regulation Commission (Commission) held its Annual Meeting virtually on December 4. The Commission re-elected Rhode Island Superintendent Elizabeth Kelleher Dwyer to serve as Chair and Wisconsin Commissioner Mark Afable to serve as Vice Chair, and elected West Virginia Commissioner James Dodrill to serve as Treasurer. The Management Committee for the coming year also includes Georgia, Illinois, Kansas, Michigan New Jersey, North Carolina, Ohio, Pennsylvania, Texas, Virginia, and Wyoming.
The Commission completed several action items during the first year of the Insurance Compact Compass Strategic Plan including engaging Squire Patton Boggs LLP and Rector & Associates to conduct an independent governance review and business assessment, respectively. At this meeting, these firms shared their findings and recommendations for strategically navigating risks and opportunities to improve governance, member communications, financial sustainability and to address the legislative delegation issues raised by the Colorado Supreme Court in a third-party matter earlier this year.
"As Chair for the coming year, I will engage with my fellow Commissioners, Directors and Superintendents and their designated representatives to facilitate consideration of these recommendations," said Superintendent Dwyer. "Working together with state legislators and with input from insurance consumer and industry representatives, we will focus on shaping the long-term sustainability of the organization to carry out its statutory purposes."
"I am honored to continue as Vice Chair during a critical time in the Commission's operations as it evolves its governance practices and determines how to respond to the Colorado Supreme Court opinion," said Commissioner Afable. "These independent reports validate the value and importance of the Insurance Compact and its Commission within our state-based regulatory framework and engaging all members and stakeholders is as important as ever."
"I am pleased to serve as Treasurer and look forward to working alongside my colleagues as we consider the outside consultant recommendations and next steps for the organization" said Commissioner Dodrill. "I also look forward to facilitating review and discussion of budget implications or financial considerations with respect to implementation of these recommendations."
During the Annual Meeting, the Commission adopted its 2021 Annual Budget which converts the expedited review service from a pilot to a permanent service. The Commission adopted an emergency rule to stay the effectiveness of an amendment to NAIC Model 805 Standard Nonforfeiture Law for Individual Deferred Annuities pending adoption by the NAIC at its Plenary meeting on December 9th. The emergency rule is effective for 120-days and requests the Product Standards Committee study and recommend when and how to incorporate the amendment into the applicable Uniform Standards. Please visit insurancecompact.org for further information about the Annual Meeting and its upcoming meetings.
The Insurance Compact enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The Insurance Compact establishes a central filing point for these insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.
For more information, visit the Insurance Compact's website.