Michigan Governor Jennifer M. Granholm has signed legislation permiting Michigan to join the Interstate Insurance Product Regulation Compact Commission, making Michigan the 29th state to join the Commission.
Created through the National Association of Insurance Commissioners, the Commission provides participating states with the ability to collectively use their expertise to develop uniform national product standards, affording a high level of protection to consumers of life insurance, annuities, disability income and long-term care insurance products.
The Commission is expected to be fully operational by early 2007. Since its introductory gathering in June, the Commission has established a Management Committee, named an executive director and held its inaugural annual meeting.
Also in 2007, the Commission is planning to publish and consider more than 30 additional proposed standards in the areas of life insurance and annuities. The Commission expects to accept product filings for review and approval/disapproval in 2007.
Currently, the 29 members of the Interstate Insurance Product Regulation Commission are: Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.
Source: Michigan Office of the Governor
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