WASHINGTON, D.C. (Nov. 17, 2014) — The Interstate Insurance Product Regulation Commission (IIPRC) held its annual meeting in Washington, D.C., on November 15 and elected a new slate of officers. The Commission elected Massachusetts Insurance Commissioner Joseph G. Murphy as Chair; New Jersey Commissioner of Banking and Insurance Kenneth E. Kobylowski as Vice Chair; and Virginia Insurance Commissioner Jacqueline K. Cunningham as Treasurer. The Management Committee for the coming year also includes Illinois, Michigan, Minnesota, Missouri, New Hampshire, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico and Texas.

"Good things are happening at the Compact, and I am committed to promoting this member-driven organization. Our accomplishments in this past year included welcoming Arizona to the Compact and achieving record levels for filing companies and products," said Murphy. "Our focus will continue to be on enhancing the filing review process. We are adding resources and introducing SERFF features such as associated filings and web-based public access to approvals. We are also committed to working with our fellow states to address barriers to the remaining states joining the Compact."

"I am a strong believer in the mission of the IIPRC as a state-based solution for uniformity and speed-to-market approval of products by leveraging our shared expertise and mutual goal of protecting consumers," said Kobylowski. "As Vice Chair of the Commission, I will emphasize increased industry utilization of the Compact. We continue to build out standards for the remaining product types and reach out to companies on the benefits of using the IIPRC filing process and improving the filing process."

"I am honored to serve as Treasurer during this time of sustained positive financial and operational growth of this organization," added Cunningham. “Bringing on additional review team resources will enable us to maintain high levels of support for member states and filing companies."

At the IIPRC's annual meeting, the Commission also adopted its 2015 budget and clarifying amendments to most of the uniform standards for annuity products as a result of the periodic five-year review process. The Commission reported that its self-generated revenues continue to exceed its budget and that, for the second year running, it will not need to utilize its available line of credit from the National Association of Insurance Commissioners (NAIC).

About the Commission

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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