INSURANCE COMPACT HOLDS FOURTH ANNUAL
NATIONAL HARBOR, MD (Sept. 21,
2009) - The Interstate Insurance Product Regulation
Commission (IIPRC) held its fourth annual meeting, reflecting on the
operational accomplishments of this young organization so far this
year. The Commission also elected its officers for next year and
adopted its 2010 annual budget.
During the meeting, the
Commission elected Ohio Insurance Director Mary Jo Hudson as chair
of the IIPRC Management Committee. Wisconsin Insurance Commissioner
Sean Dilweg was elected vice chair and Vermont Insurance
Commissioner Paulette Thabault was elected treasurer.
The IIPRC has experienced impressive growth in the past
year, increasing its membership to 36 states with Mississippi, New
Mexico and Missouri joining in 2009. The IIPRC has also increased
the number of adopted Uniform Standards to 54. These additions have
correspondingly increased the level of company registrations and
product filings well above the 2008 levels.
"I am very
excited to lead this organization, especially during this critical
period of development and growth," said Hudson. "I would like to
thank outgoing West Virginia Commissioner Jane Cline for her
dedicated service to the organization. We are moving forward to
adopt additional standards and add more states as companies continue
to realize the competitive advantage and cost savings of making one
filing with the IIPRC."
"The IIPRC is revolutionizing
the product approval process while maintaining strong consumer
protections and state-based oversight of our marketplaces," Dilweg
said. "As vice-chair, I look forward to reaching out to
non-compacting states and companies to encourage their full
participation in the IIPRC."
"I am a big supporter of the
IIPRC as membership benefits Vermont in many ways -- not only in
terms of speed-to-market for companies and consumers, but also
assurance that IIPRC products being marketed in Vermont have been
thoroughly reviewed under detailed Uniform Standards," said
Thabault. "I am honored to serve the IIPRC as an officer and look
forward to working with the membership as we put the final building
blocks in place over the next year."
About the Commission
Currently, 36 jurisdictions have joined the Interstate
Insurance Product Regulation Commission (IIPRC). Compacting members
are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New
Mexico, North Carolina, Ohio, Oklahoma, 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
For more information, visit www.insurancecompact.org.