IIPRC ELECTS 2011 OFFICERS
Commission Adopts Budget, New Uniform
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
"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
For more information, visit www.insurancecompact.org.