Insurance Compact Gathers at National Meeting

IIPRC News Release

Insurance Compact Gathers at National Meeting

BOSTON (Aug. 4, 2018) — The Interstate Insurance Product Regulation Commission (Insurance Compact) met on Friday in conjunction with NAIC's Summer 2018 National Meeting. The Insurance Compact adopted amendments to Uniform Standards, approved appointments to its Consumer Advisory Committee and said farewell to several long-time members of its Legislative Committee.

The Insurance Compact adopted several amendments to the Individual Disability Income Uniform Standards pursuant to a five-year review process. The amendments will take effect later this year. Roger Sevigny, retired New Hampshire Insurance Commissioner, and Peter Kochenburger, an NAIC Consumer Representative, were appointed by the Management Committee to serve on the Consumer Advisory Committee, bringing the committee to full capacity.

The Insurance Compact welcomed a new slate of state legislators appointed to the Legislative Committee by the National Council of State Legislators (NCSL). At the meeting, members extended their deep appreciation for the valuable contributions and active participation of Maryland Sen. Delores Kelley, Ohio Sen. Bob Hackett, and Arkansas Sen. Jason Rapert, whom along with Hawaii Sen. Rosalyn Baker (2011) are transitioning off the committee.

"We are very fortunate to have such dedicated regulators, consumer representatives and state legislators actively engaged in the Compact's mission of modernizing the state-based regulatory approval process for asset-linked insurance products," said Jillian Froment, Insurance Compact Chair and Ohio Insurance Director. "We saw this dedication in action today as we advanced a number of priorities for the Commission."

"It is an honor to serve on the Consumer Advisory Committee as I have a deep passion for the mission of the Insurance Compact," said Sevigny. "I know from my time as Commissioner and previous Insurance Compact Chair, the Commission benefits from the perspectives of this Committee."

"I have observed the important work of the Insurance Compact in my capacity as a consumer representative," said Kochenburger. "I am very pleased to serve on this Committee and will continue to advocate for the importance of strong consumer protections in insurance products."

"I am grateful to have been a part of the incredible successes and milestones of the Insurance Compact since 2006. It is one of the best vehicles for state-based cooperation to achieve uniform insurance regulation," Sen. Kelley said. "For the past five years I have enjoyed my front-row seat to watching the Insurance Compact grow in terms of compacting states, uniform standards and industry utilization. I wish it continued success."

"I appreciate the importance of achieving uniform, consistent standards and speed-to-market across our compacting states," Sen. Hackett said. "I've been impressed with the professional and transparent way in which the Insurance Compact conducts its business and am happy to have served."

"As President of the National Council of State Legislators (NCOIL), I am a strong advocate of our state-based regulatory system that promotes cooperation, collaboration and mutual agreement among our states," said Sen. Rapert. "I have been honored to serve as an active member of the Insurance Compact Legislative Committee. It is a stellar example of interstate cooperation and agreement that ensures mobile-borne products are subject to consistent, consumer-oriented and detailed standards." Rapert has served on the committee since 2014.

Also at the meeting the Insurance Compact launched its Twitter account with the inaugural tweet: "Follow @InsCompact for exciting developments at the Insurance Compact, tips and tools for states, as well as information for filers and consumers." You are encouraged to follow them and re-tweet often.

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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