Compact Elects Officers, Adopts Budget and Strategic Plan at Annual Meeting

IIPRC News Release

Compact Elects Officers, Adopts Budget and Strategic Plan at Annual Meeting
Insurance Compact Sets Compass for 2020 and Beyond

AUSTIN, Texas (Dec. 9, 2019) — The Interstate Insurance Product Regulation Commission (Insurance Compact) elected new officers, adopted new group annuity Uniform Standards, as well as its 2020 annual budget. Most notably, the Insurance Compact adopted a strategic plan for 2020—2023 with key priorities, objectives and action items.

The Insurance Compact, composed of 44 States, the District of Columbia and Puerto Rico, elected Rhode Island Superintendent Elizabeth Kelleher Dwyer as chair, Wisconsin Insurance Commissioner Mark Afable as vice chair and Illinois Insurance Director Robert H. Muriel as treasurer.

The 14-member Management Committee includes members from: Illinois, Kansas, Massachusetts, Michigan, Minnesota, New Jersey, Ohio, Pennsylvania, Rhode Island, Tennessee, Texas, West Virginia, Wisconsin, and Wyoming.

"I am honored to serve as the chair of the Insurance Compact which has become a vital part of our regulatory fabric for asset-based product regulation," Dwyer said. "2020 is a pivotal year for the Insurance Compact and its Commission as we leverage our record year of growth and begin implementation of our inaugural three-year strategic plan."

"Over the past decade, I have seen the positive impact on efficiencies of the Insurance Compact for regulators, regulated entities and the consumers they serve," said Afable. "I am looking forward to working with my fellow commissioners and regulators to continually improve, support and grow the organization to carry out its purposes on behalf of the member states."

"The Insurance Compact highlights the benefits of regulatory collaboration and cooperation among states," said Muriel. "I am confident we will be able to leverage our shared mission as we begin to implement our strategic goals in the coming year."

About the Commission

Currently, 46 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, District of Columbia, 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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2019 Interstate Insurance Product Regulation Commission. All rights reserved.