|
| ||
|
FOR
IMMEDIATE RELEASE INTERSTATE COMPACT
COMMISSION WASHINGTON, D.C. (June 11, 2006) - The Interstate Insurance Product Regulation Commission will hold a public meeting on Tuesday, June 13 from 1:00 p.m. to 3:00 p.m. at the National Press Club in Washington, D.C. This will be the first meeting of the Commission upon surpassing its operational goal of adoption by 26 states. The National Association of Insurance Commissioners (NAIC) exceeded its goals for the Compact by adding Minnesota as the 27th state and reaching approximately 41% of the premium volume. "This is an historic moment for state-based insurance regulation as the compacting states convene for their inaugural meeting," said National Association of Insurance Commissioners (NAIC) President Alessandro Iuppa. "The significance of 27 states adopting the Interstate Compact in as many months demonstrates the commitment of state insurance regulators, state legislators and governors, as well as the insurance industry, to strengthen our state-based regulatory system that has been successful for 135 years." The Compact creates an Interstate Commission that provides the states with the ability to collectively use their expertise to develop uniform national product standards, affording a high level of protection to consumers of life insurance, annuities, disability income and long-term care insurance products. The Compact establishes a central point of filing for these insurance products, enhancing the speed and efficiency of regulatory decisions based on strong product standards and allowing companies to compete more effectively in the modern financial marketplace. During its inaugural meeting, the Commission expects to consider certain items, including formation of an interim Management Committee, initiating a plan of action from the NAIC Interstate Compact Implementation Task Force, publication of bylaws, a starting budget, staffing requirements and technology considerations.
"The Commission is expected to put into motion the steps for operational development with a target goal for receiving and making regulatory decisions on product filings during the first part of 2007," said Pennsylvania Insurance Commissioner Diane Koken. "I appreciate the hard work and commitment of dedicated regulators, the NAIC and other interested parties. Their unified efforts have put the Commission in a very good position as it begins its start-up activities." The NAIC will precede that meeting with a news conference to discuss the Interstate Insurance Product Regulation Compact starting at 11:00 a.m. Both events will be held in the Ballroom of the National Press Club, 529 14th St., N.W., Washington, D.C. The 27 Compacting states include Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.
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
You are currently
subscribed to the "NAIC News Release" electronic service. To unsubscribe
from the "NAIC News Release" electronic service, send a blank To unsubscribe from all NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services. |
| |
|
2006 National Association of Insurance Commissioners. All rights reserved. | ||
