PUERTO RICO JOINS
THE INTERSTATE COMPACT
KANSAS CITY, MO (January 4,
2006) - Puerto Rico Governor Aníbal Acevedo Vilá
signed the Interstate Compact on December 22, 2005 making the
U.S. territory the 20th jurisdiction to join the Compact.
With nine other states joining the Compact in 2005, the goal of 26
states or states with 40 percent of the premium volume is well
within reach this year. The current compacting states represent approximately 30
percent of the premium volume.
"The Interstate Compact remains at the top of our priority list
with regards to our 2006 NAIC initiatives and the addition of Puerto
Rico represents a solid start to our goal this year," said
Alessandro Iuppa, NAIC President and Maine Insurance Superintendent.
"By continuing to work together, I am confident that we will meet
and exceed the Compact's operational goals before the end of the
year."
"Puerto Rico is proud
to be amongst the first twenty states to enter the Interstate
Compact since we are committed to the continued modernization of the
state-based system of insurance regulation," said Dorelisse Juarbe
Jimenez, Puerto Rico Commissioner of Insurance. "Over the years, we
have richly derived from the valuable experience of fellow
regulators in the United States, and truly believe that this NAIC
initiative will result in greater regulatory efficiency and
uniformity for the good of the insurance industry in general."
The nineteen other compacting states include
Colorado, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Maryland,
Nebraska, New Hampshire, North Carolina, Pennsylvania, Rhode Island,
Texas, Utah, Vermont, Virginia, Washington and West Virginia.
About the NAIC
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm
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