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.
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