Insurance Compact Kicks off Strategic Plan 2.0!
For almost 20 years, the Interstate Insurance Product Regulation Compact (Insurance Compact) has brought states together to achieve a common and collective goal of improving insurance product regulation through uniformity and consistency in regulatory requirements and review. In 2019, the Insurance Compact developed a member-driven strategic plan, Insurance Compact Compass: Strategic Plan 2020 – 2023, organized by three overarching priorities: Uniform Standards States Support and Companies Willingly Use, Nationally Recognized Regulatory Review Process, and Resource for Compacting States, Regulated Entities and Consumers. The plan further outlined 28 action items to accomplish these priorities and corresponding objectives over the three years that followed.
The time has now come to set an updated long-term strategic course for this important organization, which serves as an instrumentality of the Compacting States. The source of the suggested action items is strategic plan interviews conducted with the members and stakeholder committees, as well as feedback from Compact Roundtables. The proposed action items are a starting point to solicit wide input and direction from Commission members and comments from interested parties. The Commission affirmed during its August 2023 meeting that the three priorities put in place in the Insurance Compact Compass: Strategic Plan 2020 – 2023 are still relevant and should serve as the basis to form the new strategic plan.
Submitting Comments:
The Insurance Compact Commission is currently undertaking a member-driven strategic planning process, with the purpose of developing an updated strategic plan for the next three years and beyond. The Compact Office issues the draft strategic action items for review and a 60-day comment period. Written comments will be accepted until Friday, June 28, 2024, and should be submitted to comments@insurancecompact.org.