FOR IMMEDIATE RELEASE

BUCKEYE STATE HITS COMPACT BULL'S EYE!

Alaska and Ohio Join Interstate Compact

KANSAS CITY, MO - (May 9, 2006) - The Ohio House of Representatives and Senate have now adopted the Interstate Insurance Product Regulation Compact. The measure now goes to Governor Bob Taft for his signature, who is expected to make Ohio the 26^th and decisive member of the Compact. The Compact legislation also awaits Governor Frank Murkowski's signature in Alaska, the 25^th state to adopt the measure.

"The Interstate Compact is an important initiative that creates uniform regulatory standards among the participating states, promoting greater uniformity and efficiency in an ever-changing insurance market," said Ann Womer Benjamin, Director of the Ohio Department of Insurance. "The NAIC and the participating states had a clear vision and the determination to establish a progressive process that reduces costs and greatly benefits consumers, insurers and regulators."

"I'm pleased the Alaska Legislature approved this important measure that benefits both consumers and the insurance industry," said Linda Hall, Alaska Insurance Director. "Strong consumer protections coupled with uniform product standards is a win-win for policyholders and companies 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.

"The Compact's momentum is a testament to how hard states are working for greater efficiency and modernization in insurance regulation," said Alessandro Iuppa, NAIC President and Maine Insurance Superintendent. "The path to implementation has come at a much faster pace than many expected and demonstrates that states working together can deliver a system of insurance supervision that meets the needs of the modern economy while enhancing protections for policyholders." 

Governor Sonny Perdue of Georgia recently signed the Compact legislation into law, making Georgia the 24^th Compacting state. With Georgia, Alaska and Ohio on board, 26 states representing 39 percent of the premium volume have joined the Compact. 

Other members of the Compact include Colorado, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Nebraska, New Hampshire, North Carolina, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, Wyoming and West Virginia.  

Additional enactments still possible this year include Delaware, District of Columbia, Massachusetts, Michigan, Minnesota, Missouri, and New Jersey.

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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