NATIONAL HARBOR, Md. (Nov. 29, 2012) - The Interstate Insurance Product Regulation Commission (IIPRC) elected its 2013 officers during its annual meeting this week. The Commission elected New Hampshire Insurance Commissioner Roger A. Sevigny as Chair, Pennsylvania Insurance Commissioner Michael F. Consedine as Vice Chair, and Massachusetts Insurance Commissioner Joseph G. Murphy as Treasurer. The Management Committee for the coming year also includes Illinois, Maryland, Michigan, Missouri, Nebraska, New Jersey, Ohio, Oregon, Tennessee, Texas and Wisconsin.

"I am honored to be re-elected as Chair of the Commission," said Sevigny. "This year, the Commission achieved many major milestones including the addition of the 41st Compacting State, full implementation of the individual product lines, adoption of the first set of group Uniform Standards and passing $1 million in self-generated revenue for the first time, propelled by a record number of registered companies and product filings. We look forward to continued success with the goals of adding more Compacting States and Uniform Standards, and increasing company utilization in 2013." 

"As Vice Chair of the Commission, I will work closely with my fellow officers and members to advocate for continued growth of this important state-based vehicle," said Consedine. "We will also focus on providing speed-to-market and uniformity for asset-based products while ensuring robust protections for consumers in all Compacting States."

"As a long-time champion of the benefits of the Compact for states and companies, I look forward to serving in a leadership capacity," said Murphy.  "As Treasurer, I will continue to promote the good work that the Commission performs for its member states and filing companies."

About the Commission

Currently, 41 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

The IIPRC 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 IIPRC 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.

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