Commission Adopts Budget, New Uniform Standards

ORLANDO (Oct. 18, 2010) - The Interstate Insurance Product Regulation Commission elected its 2011 officers during its fifth annual meeting in Orlando.

Ohio Insurance Director Mary Jo Hudson was re-elected as chair of the IIPRC Management Committee. New Hampshire Insurance Commissioner Roger Sevigny was elected vice chair and North Carolina Insurance Commissioner Wayne Goodwin was elected treasurer.

The Commission also adopted its 2011 Annual Budget, in addition to a schedule of fees that include individual long-term care insurance products which will be accepted beginning December 1, 2010.  The Commission adopted uniform standards for additional individual life insurance benefit features including graded death benefits and longevity benefits. To date, this brings the total to 69 Uniform Standards adopted by the Commission for individual life, annuity and long-term care insurance.

"We’ve experienced an exciting year for the IIPRC in 2010 with the adoption of individual long-term care uniform standards and the tremendous growth in the number of companies utilizing the Compact," said Hudson.  "I am honored to be re-elected as chair and believe next year has more positive growth in store for the IIPRC as we look forward to welcoming new member states and considering uniform standards for additional product lines including individual disability income and group life and annuity standards." 

"I am a strong supporter of the Compact, which has been a premier example of states working collaboratively to adopt uniform standards with exceptional consumer protections," Sevigny said. "As vice chair, I plan to reach out to states and companies to encourage their full participation in the IIPRC."

"The Compact delivers on speed-to-market for companies and consumers without compromising a thorough review under detailed and transparent product content requirements."  Goodwin said. "I am looking forward to being a part of the leadership team of this dynamic organization." 


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 consumers.

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