INSURANCE COMPACT MARKS THIRD ANNUAL
Looks to Future Success
NATIONAL HARBOR, Md. (Sept. 22,
2008) - The Interstate Insurance Product Regulation
Commission (IIPRC) marked its third annual meeting with highlights
of its operational accomplishments and plans for future success
under the mission of the Interstate Insurance Compact.
The high level of interstate cooperation
by this 33-member compact has demonstrated the states’
responsiveness to evolving financial market needs, while continuing
to uphold the primary responsibility for consumer protection.
During the annual meeting, the IIPRC
membership elected officers for the next term. West Virginia
Insurance Commissioner Jane Cline was re-elected chair of the IIPRC
Management Committee. Ohio Insurance Director Mary Jo Hudson was
re-elected vice-chair. Wisconsin Insurance Commissioner Sean Dilweg
was newly elected treasurer.
"I am honored to be re-elected as chair
of the IIPRC," Cline said. "The Compact is the model for the future
of state-based regulation, and I look forward to continuing to work
with my regulatory and legislative colleagues across the country to
build upon our start-up success."
The IIPRC also held a public hearing on
its public access platform and adopted an amendment to its
procedures to enable requests of its public records through
"Our momentum continues, with plans to
increase our membership and expand our outreach to the industry,"
Hudson said. "Several states have pending compact legislation and
we're optimistic that we will add to our membership rolls in the
IIPRC members reiterated their
commitment to promulgating more standards. Insurance industry
representatives responded with support and pledged to use the IIPRC
as their filing venue of choice.
The IIPRC also adopted its 2009 budget,
which will support its future plans.
"As one of the newest members of the
IIPRC this year, Wisconsin is already seeing the benefits of the
Compact with its high-level standards and streamlined processes,"
Dilweg said. "I am happy to become more directly involved with the
IIPRC leadership as we look to expanding our interstate success
story to meet the current challenges in the financial market."
About the Commission
Currently, 33 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, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma,
Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee,
Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin
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.