IIPRC ELECTS 2013 OFFICERS
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
"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.
For more information, visit www.insurancecompact.org.