For Immediate Release

OKLAHOMA OK’S INTERSTATE COMPACT

States Achieve Momentum Toward Implementation

KANSAS CITY, MO – (April 14, 2006) - Oklahoma Governor Brad Henry signed legislation making the Sooner State the 23rd member of the Interstate Insurance Product Regulation Compact. The legislation has also been approved in Georgia and has been sent to the governor’s office for formal approval. Twenty-six states are needed for the Compact to become implemented.

“The passage of the Interstate Compact legislation has been a top priority of mine, and I appreciate overwhelming support from the legislature and Governor Henry,” said Kim Holland, Oklahoma Insurance Commissioner. “Oklahoma consumers and the insurance industry will both benefit from this legislation, as it will make state insurance regulation more efficient and effective in an ever-changing marketplace while maintaining and enhancing protections for consumers.”

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 momentum of the Interstate Compact is exciting,” said Alessandro Iuppa, Superintendent of the Maine Bureau of Insurance. “This state-based compact is good news for both 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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