Tennessee Becomes 30th Member of Interstate Insurance Commission

WASHINGTON, D.C. (May 18, 2007) - Tennessee Gov. Phil Bredesen this week signed legislation making the Volunteer state the 30th member of the Interstate Insurance Product Regulation Commission (Commission). Now representing half of the nationwide premium volume, the Commission continues to make rapid progress in adopting new Uniform Standards and setting up product filing operations.

"We are very happy to welcome Tennessee as the 30th member of the Commission," said West Virginia Insurance Commissioner Jane Cline, Chair of the Commission. "The Insurance Compact brings member states the benefit of regulatory efficiencies while upholding the highest level of consumer protections. I look forward to working with Insurance Commissioner Leslie Newman as Tennessee joins us in moving forward on this state-based modernization initiative."

"Tennessee is very pleased to join the Compact," said Leslie Newman, Commissioner of the Tennessee Department of Commerce and Insurance. The legislation was signed on May 14. "Benefiting consumers and the industry, joining the compact provides speed–to–market of insurance products and standards of product regulation from state to state."

The Commission is working diligently to have its product filing operations set up this year. In time for its June 1 meeting at the Summer National Meeting of the National Association of Insurance Commissioners (NAIC) in San Francisco, the Commission will have 14 Uniform Standards in effect for filing use. It also will be encouraging companies to consider a Compact filing to gain the efficiencies of 30 Member State filings in one submission through the System for Electronic Rate and Form Filing (SERFF).

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About the Commission
Currently, 30 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, Michigan, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, 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.