Commission adopts 2014 budget, two new uniform standards

WASHINGTON, D.C. (Dec. 16, 2013) -- The Interstate Insurance Product Regulation Commission (IIPRC) held its Annual Meeting in Washington, D.C. on December 14. The Commission elected New Hampshire Insurance Commissioner Roger A. Sevigny as Chair; Pennsylvania Insurance Commissioner Michael F. Consedine as Vice Chair; and Massachusetts Insurance Commissioner Joseph G. Murphy as Treasurer. The Management Committee for the coming year also includes Illinois, Indiana, Maryland, Michigan, Nebraska, New Jersey, Ohio, Oregon, Tennessee, Texas and Wisconsin.
"I am looking forward to building on the accomplishments of this past year, which included welcoming Arkansas and Montana to the Compact, implementing our first group product line, and achieving record levels in terms of filing companies and product filings," said Sevigny. "I am also very pleased that our collective and collaborative efforts were recognized when the Federal Insurance Office (FIO) recommended in its recent report that the Interstate Compact should serve as the vehicle for full implementation and modernization of the product approval process. I am committed to working with my fellow states to achieve this goal as we address barriers to the remaining states joining the Compact and develop uniform standards across the remaining product lines."
"I am a strong believer in the mission of the IIPRC as a state-based solution for addressing uniformity and speed-to-market approval of products by leveraging our shared expertise and mutual interest in protecting consumers," said Consedine. "As Vice Chair of the Commission, I will continue to emphasize increased industry utilization of the Compact and encourage active participation by our members, legislators, consumers and industry in fulfilling our mission."
"I am honored to serve as Treasurer during this time of positive financial and operational growth of this organization," said Murphy. "I look forward to working with my fellow officers and member states to outreach to companies on the benefits of using the IIPRC filing process and to gather feedback for continuous improvements in our processes and operations."
At its Annual Meeting, the Commission adopted its 2014 budget as well as two new uniform standards. The Commission reported that its self-generated revenues continue to exceed its budget and that, for the first time in its operational history, it will not need to utilize its available line of credit from the National Association of Insurance Commissioners (NAIC). In addition, the Commission announced the hiring of Becky McElduff as Assistant Director of Product Operations and Anne Marie Narcini as Regulatory Consultant.

About the Commission
Currently, 43 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, 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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