Compact elects new officers, adopts 2016 budget

The Interstate Insurance Product Regulation Commission (IIPRC) held its annual meeting in National Harbor, Md. on Wednesday, Nov. 18 and elected a new roster of officers.  The Commission elected Virginia Insurance Commissioner Jacqueline K. Cunningham as chair, Puerto Rico Insurance Commissioner Angela Weyne as vice chair, and Maine Insurance Superintendent Eric A. Cioppa as treasurer.

“I am honored to serve as chair of this state-based organization,” said Cunningham. “I will continue to promote collaboration and cooperation in Compacting States to develop comprehensive uniform standards for more product lines, promote greater usage of our robust product operations by companies, and encourage the remaining states to join.”

“The IIPRC is now a critical component of our integrated system of insurance regulation and as vice chair, I will work to ensure balanced, prudent growth and governance of our operations,” added Weyne.

“As a member of the Commission for the last 10 years, Maine has witnessed the IIPRC’s growth and its transformative impact on the efficiency, uniformity and speed of the state-based product review process,” said Cioppa. “I look forward to serving as treasurer of this important organization.”

The Management Committee for 2016 also includes Georgia, Illinois, Maryland, Michigan, New Jersey, Ohio, Oklahoma, Oregon, Pennsylvania, Texas and Wisconsin.

At the IIPRC’s annual meeting, the Commission adopted its 2016 annual budget and schedule of fees.  The IIPRC also held a public hearing to receive comments regarding the eight uniform standards for group disability income insurance products currently under consideration for adoption later this year. The Commission reported that it will have another year with sufficient self-generated revenue to cover its operations. For the third year in a row, IIPRC will not need to use its available line of credit from the National Association of Insurance Commissioners (NAIC).

About the Commission

Currently, 44 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, 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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