IIPRC ELECTS 2015 OFFICERS
D.C. (Nov. 17, 2014)
— The Interstate Insurance Product Regulation Commission (IIPRC) held its
annual meeting in Washington, D.C., on November 15 and elected a new slate
of officers. The Commission elected Massachusetts Insurance Commissioner
Joseph G. Murphy as Chair; New Jersey Commissioner of Banking and Insurance
Kenneth E. Kobylowski as Vice Chair; and Virginia Insurance Commissioner
Jacqueline K. Cunningham as Treasurer. The Management Committee for the
coming year also includes Illinois, Michigan, Minnesota, Missouri,
New Hampshire, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico and Texas.
things are happening at the Compact, and I am committed to promoting this
member-driven organization. Our accomplishments in this past year included
welcoming Arizona to the Compact and achieving record levels for filing
companies and products," said Murphy. "Our focus will continue to be on
enhancing the filing review process. We are adding resources and
introducing SERFF features such as associated filings and web-based public
access to approvals. We are also committed to working with our fellow
states to address barriers to the remaining states joining the Compact."
"I am a
strong believer in the mission of the IIPRC as a state-based solution for
uniformity and speed-to-market approval of products by leveraging our
shared expertise and mutual goal of protecting consumers," said Kobylowski.
"As Vice Chair of the Commission, I will emphasize increased industry
utilization of the Compact. We continue to build out standards for the
remaining product types and reach out to companies on the benefits of using
the IIPRC filing process and improving the filing process."
honored to serve as Treasurer during this time of sustained positive
financial and operational growth of this organization," added
Cunningham. “Bringing on additional review team resources will enable us to
maintain high levels of support for member states and filing companies."
IIPRC's annual meeting, the Commission also adopted its 2015 budget and
clarifying amendments to most of the uniform standards for annuity products
as a result of the periodic five-year review process. The Commission
reported that its self-generated revenues continue to exceed its budget and
that, for the second year running, it will not need to utilize its
available line of credit from the National Association of Insurance
IIPRC enables state insurance regulators to develop uniform national
standards for asset protection insurance products, such as life insurance,
annuities, disability income and long-term care insurance. The IIPRC
establishes a central filing point for these insurance products, enhancing
the speed and efficiency of regulatory decisions and allowing companies to
compete more effectively in the modern financial marketplace, while
continuing to provide protection for consumers.
more information, visit www.insurancecompact.org.