Kansas City, Mo. - The Interstate Insurance Product Regulation Commission added another state to its growing list of members, as Massachusetts became the 28th state to sign the Interstate Compact. Gov. Mitt Romney signed legislation into law today that allows Massachusetts to become a member of the Commission.Currently, 28 states have joined the Interstate Insurance Product Regulation Commission. The compacting states are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.
The Commission enables state regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The Commission establishes a central filing point for these insurance products, in anticipation of enhancing the speed and efficiency of regulatory decisions and enabling companies to compete more effectively in the modern financial marketplace while continuing to provide protection for consumers.
"With the addition of Massachusetts, half of the National Association of Insurance Commissioners' (NAIC) 56 members have now joined the Commission," says Diane Koken, Pennsylvania insurance commissioner and interim chair of the Commission. "The Commission's steady growth reinforces the commitment of state regulators to quickly and effectively move new, uniform national product standards to market."
"The Commission and its 28 state members show an unparalleled dedication to modernizing state-based insurance supervision to fit the needs of the ever-evolving marketplace," says Alessandro Iuppa, NAIC president and Maine Insurance Superintendent. "This is another example of states collaborating to ensure the security and prosperity of both the insurance consumer and industry. Achieving this balance has been a hallmark of state-based regulation for 135 years."
An interim management committee was established in June to oversee the Commission's plan to be fully operational by early 2007. The Commission, started by Kansas City, Mo.-based NAIC, recently voted to publish a draft of its proposed bylaws and rulemaking process for public notice and comment. The full Commission also will hear public comments during its next scheduled meeting on September 12 in St. Louis, Mo.
Source: Interstate Insurance Product Regulation Commission
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