Michigan to Become 29th State to Join Commission

WASHINGTON, D.C. (Dec. 18, 2006) - Michigan is soon to become the 29th Member of the Interstate Insurance Product Regulation Commission (Commission), adding to the growing list of states to join the Insurance Compact.

The Michigan Legislature adopted the Compact on Dec. 14. The bill now is on its way to Gov. Jennifer M. Granholm for action. Once the governor signs the Compact into law, Michigan officially would become the 29th state to become a Member of the Commission, increasing the nationwide premium volume in the Compact to 48 percent. Michigan also will join the Management Committee, bringing it up to its full complement of 14 members.

"With Michigan joining the Commission, it is clear that momentum is continuing and the Compact is set for greater growth in 2007," said Diane Koken, Commission Management Committee Chair and Pennsylvania Insurance Commissioner. "By signing the Compact, all Members of the Commission have affirmed their dedication to modernizing state–based insurance supervision and keeping pace with the always–evolving insurance marketplace."

"Adoption of the Interstate Compact represents a big step forward for Michigan consumers and industry alike," said Michigan Office of Financial and Insurance Services Commissioner Linda A. Watters. "Michigan continues to support the NAIC’s state–based modernization efforts and the promotion of regulatory uniformity."

Since its introductory gathering in June, the Commission has established a Management Committee, adopted bylaws, elected officers, approved national standards for five adjustable life products and, during its inaugural annual meeting in November, named Frances Arricale as Executive Director.

"We have made some great strides since reaching the Compact’s operational goal in May," Arricale said. "Since then, we have set into motion our plan of action, and we will continue to reach out to other states about joining the Compact."

Also in 2007, the Commission is planning to publish and consider more than 30 additional proposed standards in the areas of life insurance and annuities. Draft uniform standards that have been developed through the significant work of the Interstate Compact National Standards Working Group of the NAIC’s Speed-to-Market (EX) Task Force are available for the Commission to utilize in developing uniform national product standards. The Commission is confident it will be in a position to accept product filings for review and approval in 2007.

For more information about the Commission, visit

About the Commission
Currently, 28 members have joined the Interstate Insurance Product Regulation Commission. The compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.

The Commission enables state regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The Commission 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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© 2006 Interstate Insurance Product Regulation Commission. All rights reserved.