KENTUCKY BECOMES 22ND STATE
TO JOIN COMPACT

Georgia and Oklahoma Acts Await Governors’ Signatures

KANSAS CITY, MO – (April 10, 2006) - Kentucky Governor Ernie Fletcher signed legislation making the Bluegrass State the 22nd member of the Interstate Insurance Product Regulation Compact. Legislatures in Georgia and Oklahoma have sent to their governors legislation that would make their states the 23rd and 24th jurisdictions to join.

“Kentucky is proud to be a member of this state-based Compact Commission,” said Glenn Jennings, Executive Director of the Kentucky Office of Insurance. “We believe that the depth of expertise pooled through an effective review of products filed at a central point, coupled with strong consumer protections contained in uniform product standards, will benefit Kentucky policyholders as well as insurers doing business in our state.”

The Interstate Insurance Product Regulation 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 will establish 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.

Georgia’s legislature also passed the Compact and sent the legislation to Governor Sonny Perdue on April 3, 2006, for his signature. “Georgia encourages all states to seriously consider joining the Interstate Compact,” said Georgia Insurance Commissioner John Oxendine. “This important initiative will streamline the product filing and review process while preserving the rights and authority of state insurance regulators, state legislators and state attorneys general to protect insurance consumers.”

Additionally, both the Oklahoma House and Senate have unanimously passed the Interstate Compact legislation and the bill now heads to Governor Brad Henry's desk. “The passage of the Interstate Compact legislation has been a top priority of mine, and I appreciate the legislature’s overwhelming support,” said Kim Holland, Oklahoma Insurance Commissioner. “This will benefit Oklahoma consumers and the insurance industry within our state, as it will make state insurance regulation more efficient and effective in an ever-changing marketplace while maintaining and enhancing protections for consumers.”

“As a compacting state and as President of the NAIC, I commend these states for prioritizing this important legislation,” said Alessandro Iuppa, Superintendent of the Maine Bureau of Insurance. “We believe that an efficient, streamlined review process administered through a state-based compact will best serve consumers and insurers as the states have a proven record of reviewing complex insurance products and protecting consumers.”

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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