COMMISSION OUTLINES 2006
AND GOALS FOR COMING YEAR
Management Committee Chair Diane Koken
Compact’s Progress at NAIC Reception
SAN ANTONIO (Dec. 8, 2006)
–With its plan of action in full swing and several
achievements already under its belt, the Interstate Insurance
Product Regulation Commission (Commission) is off to a fast start
with no signs of slowing down in 2007.
Pennsylvania Insurance Commissioner and Commission
Management Committee Chair Diane Koken delivered this encouraging
news today during a breakfast reception hosted by the National
Association of Insurance Commissioners (NAIC) at the Marriott
Rivercenter in San Antonio.
During her presentation, Koken provided those on
hand with highlights of the Commission’s achievements over the past
six months and an overview of its goals for the coming year. She
acknowledged that the Commission already has fulfilled many of the
goals and the plan of action it had set forth at the Commission’s
inaugural gathering this past June in Washington, D.C.
"One of the Commission’s biggest accomplishments is
the hiring of our Executive Director, Frances Arricale," Koken said.
"Her legal background and management experience make her well suited
for this position."
"I am very excited to have Fran on board as she has
many exciting ideas and plans for launching the Commission’s
operations. Her experience at the state, federal and international
levels will be valuable to this position, as she begins to work with
the many different constituencies of the Compact."
In providing highlights of the Commission’s goals for 2007,
Koken said that the Commission will continue to reach out to other
states about joining the Compact.
"We hope for a performance similar to our growth
over the past three years, with eight to 10 states adopting
legislation to join the Compact," she said.
Also in 2007, the Commission is planning to publish
and consider more than 30 additional proposed standards in the areas
of life insurance and annuities. Draft uniform standards that have
been developed through the significant work of the Interstate
Compact National Standards Working Group of the NAIC’s
Speed-to-Market (EX) Task Force are available for the Commission to
utilize in developing uniform national product standards. The
Commission is confident it will be in a position to accept product
filings for review and approval/disapproval in 2007.
"There is still a significant amount of work to be
done over the next six-plus months in order to get the Commission to
the point of accepting filings," she said. "However, I think the
Commission is well positioned as we move into the New Year.
Executive Director Arricale will be able to assume oversight for the
day-to-day operations of the Commission and these implementation
The Management Committee and the Commission held
public meetings following the breakfast reception, where the
Commission adopted the Public Access Rule and five Adjustable Life
Uniform Standards. With
these actions, the Commission completed its goals for 2006.
For more information about the Commission, visit www.insurancecompact.org.
Currently, 28 members have joined the
Interstate Insurance Product Regulation Commission. The compacting
members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa,
Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota,
Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma,
Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont,
Virginia, Washington, West Virginia and Wyoming.
The Commission enables state regulators to develop
uniform national standards for asset protection insurance products,
such as life insurance, annuities, disability income and long-term
care insurance. The Commission 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.