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FOR IMMEDIATE RELEASE NORTHERN EXPOSURE
GIVES COMPACT DOUBLE NOD OF APPROVAL KANSAS CITY, MO (May 23, 2006) -
The North Star State is
set to be the 27th state to join the Interstate Insurance Product
Regulation Compact. The
Minnesota Legislature adopted the Compact and the bill is on its way to
Governor Tim Pawlenty's office for action. "Joining the Interstate
Compact will create a high quality and efficient review process for
insurance products that will increase competition and directly benefit
Alaska was officially the 26th state to join the Compact, with Governor Frank Murkowski's signature into law this week. "We are very excited about the success of the Compact and commend the legislatures, governors and regulators in all the compacting states for understanding the importance of this cooperative interstate initiative," said NAIC President and Maine Insurance Superintendent Alessandro Iuppa. "We look forward to the coming months as we put in place the operations and processes for making the Compact an operational success." The Interstate Insurance Product Regulation Commission will hold an open, public meeting on Tuesday, June 13, 2006, from 1:00 p.m. to 3:00 p.m. EST. This will be the first meeting of the Commission upon reaching its operational goal of 26 states. The meeting will be held at the Marriott Wardman Park, 2660 Woodley Rd NW, Washington, D.C. 20008. The Commission expects to consider certain items, including formation of an initial Management Committee, publication of Bylaws, an initial budget, staffing requirements and technology considerations. An agenda will be posted to the NAIC's Web site at least fifteen (15) days prior to the meeting. 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.
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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