Newsletter

As we enter the holiday season, it is fitting to give thanks to our Officers, members, state legislators and so many others for a productive Annual Meeting in Denver this month. Congratulations to Director Dunning, Commissioner McVey and Director Richardson on being reelected as the Compact’s Chair, Vice Chair and Treasurer, respectively. Special thanks to the Commission for adopting a long-term strategic plan affectionately referred to as Compass 2.0.

We are excited to engage Compact members and stakeholders to work collaboratively on the 26 strategic plan action items. Compass 2.0 launches from the well-built Insurance Compact platform. It offers expert and expanded services to Compacting States. It takes advantage of the deep-rooted product and actuarial expertise and the centralized, collaborative nature of the organization. It shores up meaningful and realistic uniformity, efficiency, and speed-to-market for the industry. It inspires further transparency, streamlined processes, and added services, tools, and technology. Most importantly, Compass 2.0 is anchored on the core purpose of the Insurance Compact: to promote and protect the interest of consumers of the Compact-authorized product lines.

Let me also extend gratitude to the Commissioners and designated representatives who have attended the Compact’s in-person governance training provided by outside counsel. The Governance Committee is sponsoring this training as recommended by the independent governance review conducted under the previous strategic plan. We offered two sessions in Denver as well as a session at the Insurance Summit.  Be on the lookout for other in-person opportunities in 2025 to learn about the aspects of the Compact’s governance.

In the near term, please look out for the end-of-year committee evaluation surveys. These surveys are an important component of the Compact annual governance program. We appreciate your time and feedback which we use to enhance the effectiveness of the committee processes.

Check out this month’s profiles of Commissioner Chaney and our CAC member Eric Cioppa. We reflect on our successful meeting of the Management Committee and Legislative Committee and recap our Annual Meeting.

We are grateful for the opportunity to serve our members, and we are here to provide whatever support they need.

Mike Chaney is Mississippi’s 11th Commissioner of Insurance and State Fire Marshal. First elected in 2007, Chaney brings extensive business knowledge and experience to the office combined with 15 years of service in the Mississippi House and Senate.

Throughout his terms in office, Commissioner Chaney has been committed to consumer protection – answering thousands of calls and complaints every year and returning millions of dollars to Mississippians. He is making strides in healthcare reform; disaster recovery from flood, tornado and hurricane events; bail bond industry reform, and reductions in state fire deaths. He has worked tirelessly to stabilize rates since Hurricane Katrina devastated the Mississippi Gulf Coast in 2005.

Chaney has served on two hospital boards – experience that is invaluable given the increased focus on healthcare that the Mississippi Insurance Department has seen in recent years. He has also served on bank and economic boards and worked on local and national Chamber of Commerce events. An active member of the NAIC, Chaney has served on numerous committees, task forces and working groups. 

As Commissioner, Chaney was inducted into the Insurance Hall of Fame at his alma mater, Mississippi State University (MSU). He received the Distinguished Service Award from the University of Mississippi Risk Management and Insurance program and its Professional Society. He has been named one of the top insurance professionals by Insurance Business America Magazine, and was named a Healthcare Hero by the Mississippi Business Journal.

Chaney started an oil distribution business in Vicksburg in the 1970s. He eventually moved into the wood preservation business and real estate ventures before his election to the House of Representatives in 1993. After his election to the Senate in 2000, Chaney served on the Insurance Committee. This appointment combined with his business experience provided significant knowledge useful in his service as Insurance Commissioner.

Commissioner Chaney is a Rotarian and Paul Harris Fellow. He is a veteran of the United States Army, serving in Vietnam. A native of Tupelo, Chaney graduated from MSU in 1966 with a degree in banking and finance. Chaney and his wife, Mary live in Vicksburg. They have three children and eight grandchildren. 

Insurance Compact Regulator-Only Product Standards Committee Call

Tuesday, December 3, 2024

1:30 pm ET / 2:30 pm CT

Insurance Compact Regulator-Only Adjunct Services Committee Call

Tuesday, December 3, 2024

3 pm ET / 2 pm CT

The Insurance Compact held its Annual Meeting in Denver on Saturday, November 16th during the NAIC’s Fall National Meeting. 
•    Prior to the Compact’s Annual Meeting, the Management Committee met with the Legislative Committee to report on the organization’s activities and commit to working closely on proposals to expand services to member states. 
•    The Commission adopted amendments to the Group Disability Income Insurance Uniform Standards and the Group Policyholder Application Standards. These amendments expand the scope of Standards to use them with groups other than employer groups. These amendments will become effective for filing use on Monday, March 3rd. 
•    The 2005 Annual Budget was adopted and it included a revenue realignment and a new position for a Director of Regulatory Affairs.  
•    The Uniform Standards Development Prioritization list for 2025 was adopted.
•    Compact Compass 2.0, the Compact’s next Strategic Plan, was adopted by the Commission.  
•    The Commission elected Director Dunning as Chair, Commissioner McVey was elected Vice Chair, and Director Richardson was elected Treasurer. Director Dwyer will continue to serve as the Past Chair.
•    The Management Committee was formed for the coming annual period and Committee assignments were approved as well. 
•    Lincoln Financial Group joins MassMutual, Brighthouse, and IRI as the 2025 appointments to the Industry Advisory Committee.

Eric A. Cioppa is contributing his expertise to the Commission through his service on the Consumer Advisory Committee. He served as the Superintendent of the Maine Bureau of Insurance for 11 years before retiring in 2022. He joined the Bureau in 1988 as a Statistician then served as Supervisor of the Workers’ Compensation Section prior to becoming Deputy Superintendent in 1998. He was unanimously confirmed as Superintendent in September 2011 and, in January 2017, he was reconfirmed to serve another five-year term

While Superintendent, Cioppa served as the Insurance Compact’s Treasurer in 2015 and the Vice Chair in 2016. Additionally, he served as President of the NAIC in 2019, having previously served as President-Elect in 2018, Vice President in 2017, and Secretary-Treasurer in 2016.  In 2018 and 2020, Eric was appointed to serve as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC).

Cioppa holds a B.A. from Potsdam State University and an M.B.A. from Clarkson University.