Compact Elects Officers at Annual Meeting

IIPRC News Release

Compact Elects Officers at Annual Meeting
Commission continues to add members and generate record revenue

SAN FRANCISCO (Nov. 15, 2018) The Interstate Insurance Product Regulation Commission recently held its Annual Meeting in San Francisco. The Insurance Compact elected Ohio Insurance Director Jillian Froment as chair, Rhode Island Insurance Superintendent Beth Dwyer as vice chair and Missouri Insurance Director Chlora Lindley-Myers as treasurer. The 2018 Management Committee also includes members from: Georgia, Idaho, Illinois, Iowa, Michigan, Minnesota, New Jersey, North Carolina, Pennsylvania, Texas, and West Virginia.

"I am honored to continue serving as Chair of the Insurance Compact as it evolves and grows," said Froment. "The Insurance Compact has many initiatives on its agenda for 2019,  including welcoming the District of Columbia as its 46th member; developing new Uniform Standards for group annuity products, and updating its procedures to possibly expand use of Compact-approved products for non-employer groups and make improvements to the five-year review process."

"I look forward to serving as vice chair for another term as I am a firm believer in states working together to deliver meaningful uniformity," said Dwyer. "A key initiative for 2019 will be to undertake strategic planning with the goal of a multi-year plan with input from Insurance Compact members and regulators, state legislators, consumer and industry representatives, and company filers."     

"I appreciate this opportunity to serve as a Compact Officer," said Lindley-Myers. "As treasurer, I will work with the Insurance Compact office to monitor and report on the impact of the changes in the 2019 Annual Budget including expansion of the categories for registered companies, an expedited review pilot program and the addition of new reviewer resources."

At the Commission's annual meeting, members adopted the 2019 annual budget and schedule of fees which includes an increase in registration fees for the first time since 2008. The Compact members also approved a request for the Insurance Compact office to retain additional resources starting in mid-2019. For the sixth year in a row, the Commission reported it will have another year with record self-generated revenue to cover its operations and it will not need to use a line of credit from the National Association of Insurance Commissioners (NAIC). The Commission also heard an update on a recent order in a federal court recognizing the Insurance Compact is a proper delegation by a state legislature.

About the Commission

Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

The 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.

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2018 Interstate Insurance Product Regulation Commission. All rights reserved.