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FOR IMMEDIATE RELEASE INTERSTATE INSURANCE PRODUCT REGULATION COMMISSION BEGINS WORK WASHINGTON, D.C. (June 13, 2006) - The Commission of the Interstate Insurance Product Regulation Compact held its much-anticipated first meeting in Washington, D.C. today and took the first critical steps toward making the Compact fully operational streamlining state oversight of insurance products. "Today we have put in place a plan of action to make the Compact fully operational in the first part of 2007, allowing new products to move to market more quickly according to strong, uniform national standards," said Pennsylvania Insurance Commissioner Diane Koken, who was elected to lead the Compact during its start-up phase. The Commission, which met for the first time since surpassing the 26 state threshold to trigger operations, voted to implement a plan and timeline to make the Compact fully operational in early 2007. The plan includes creating and electing an Interim Management Committee to guide Compact operations until the bylaws are adopted and a permanent Management Committee is established; electing Commissioner Koken as the Chair to lead the Commission until permanent officers are installed; establishing an interim legislative committee, consumer and industry advisory committees, and a host of operational committees to recommend and coordinate critical elements of the start up process. The Commission also adopted a preliminary budget and initiated the process to put in the technical infrastructure for an electronic product filing system. "Today's meeting represents not only a formative moment in the life of the Interstate Compact, but a pivotal one for the future of insurance supervision," said NAIC President Alessandro Iuppa, Maine Superintendent of Insurance and a Compact Member. "The significance of 27 states adopting the Compact in as many months demonstrates the commitment of governors, state legislatures and insurance commissioners to strengthen our state-based system of insurance supervision that has proven effective and successful for 135 years." The Compact, which has been signed into law in 27 jurisdictions since March 2004, 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 asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. 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. The Management Committee members include the six largest Compacting States: Texas, Pennsylvania, Ohio, North Carolina, Georgia and Virginia; two mid-size states, Minnesota and Indiana; and one additional state from each of four regional zones, Oklahoma, Vermont, Washington, and West Virginia. Other members of the Compact include Alaska, Colorado, Hawaii, Iowa, Idaho, Kansas, Kentucky, Maine, Maryland, Nebraska, New Hampshire, Puerto Rico, Rhode Island, Utah, 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
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[ NAIC Web Site | Search NAIC and State Insurance Department Sites ] 2006 National Association of Insurance Commissioners. All rights reserved. |
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