Massachusetts has become the 28th state to join a program designed to modernize state regulation of life insurance, annuity, disability and long term care products.
Gov. Mitt Romney signed legislation into law today that allows Massachusetts to become a member of the Interstate Insurance Product Regulation Commission.
The program 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, enhancing the speed and efficiency of regulatory decisions.
With the addition of Massachusetts, half of the National Association of Insurance Commissioners’ 56 members have now joined the Commission, noted Diane Koken, Pennsylvania Insurance Commissioner and Interim Chair of the Commission.
According to 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.”
The 28 states belongn to the compact 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.
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