IIPRC NAMES NEW EXECUTIVE DIRECTOR

WASHINGTON, D.C. (JUNE 12, 2009) - The Interstate Insurance Product Regulation Commission (IIPRC) has named Karen Schutter as the new Executive Director.

Schutter has served as the Interim Executive Director of the IIPRC since December 2008. As Executive Director, Schutter will oversee the day-to-day management of the IIPRC and its product filing operations including providing support to the members of the Commission and its committees to fulfill their respective missions; outreaching to non-compacting states, industry and consumers on the benefits of the Compact and ensuring a high-quality product review process for compacting states and filers.   

"Karen has been an incredibly valuable part of the Compact since its inception in 2006," said Jane Cline, West Virginia Insurance Commissioner and Chair of the IIPRC. "As interim director, Karen has demonstrated remarkable leadership in coordinating the legal and operational implementation of the Compact. Her guidance and expertise will be essential as we continue to build on this important modernization initiative."

The Commission oversees the Interstate Insurance Product Regulation Compact, which provides states with the ability to collectively use their expertise to develop uniform national standards for life insurance, annuities, disability income and long-term care insurance products. This central point of filing enhances the speed and efficiency of regulatory decisions based on strong product standards and allows companies to compete more effectively in the modern financial marketplace.

Schutter has been with the National Association of Insurance Commissioners since 1998, serving in various legal and management capacities including Senior Strategic and Business Initiatives Counsel and Corporate Counsel. She received her J.D. from the University of Kansas and a Bachelor of Science from Creighton University.

About the Commission

Currently, 35 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, 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.

For more information, visit www.insurancecompact.org.