For Immediate Release
WYOMING BECOMES 21ST STATE
TO JOIN THE INTERSTATE COMPACT
KANSAS CITY, MO - (March 15, 2006) - Wyoming Governor Dave Freudenthal signed legislation on March 9, 2006 to make the Equality State the 21st jurisdiction to join the Interstate Insurance Product Regulation Compact. Wyoming becomes the first state to join the Compact in 2006 and brings the Compact an important step closer to the 26 states, or states with 40 percent of the premium volume, needed for it to become operational. The current compacting states represent approximately 30 percent of the premium volume.
"Wyoming has kicked off what I anticipate will be a momentous year for the Interstate Compact and for state efforts to modernize insurance supervision," said Alessandro Iuppa, NAIC President and Maine Insurance Superintendent. "The Interstate Compact is a top priority of the NAIC in 2006, and we are committed to meet and exceed our goal of 26 states to make the Compact operational by the end of the year."
The Compact establishes a multi-state public entity that allows states to pool their expertise to receive and quickly make regulatory decisions on certain product filings according to uniform national product standards created by compacting states. The covered products include investment-oriented insurance policies, such as life insurance, annuities, disability income insurance, and long-term care insurance. Once operational, the Compact will make the state system more efficient and enhance policyholder protection, while it provides insurance companies valued uniformity and a central point of filing that they need to compete more effectively in the modern financial marketplace.
"Wyoming is proud to join the Compact and to take this important step to make insurance supervision better meet the needs of the 21st century economy," said Ken Vines, Wyoming Insurance Commissioner. "The Interstate Compact presents a wonderful opportunity to benefit insurance consumers, the industry and the financial marketplace, and I want to thank Wyoming's legislators and Governor Freudenthal for their efforts in making Wyoming a part of it."
The 20 other compacting jurisdictions include Colorado, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Maryland, Nebraska, New Hampshire, North Carolina, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington and West Virginia. This year, Compact legislation is also under consideration or expected in Alaska, Alabama, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, Ohio, Oklahoma and Wisconsin. Legislatures in five non-Compact states do not meet this year.
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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