Michigan is soon to become the 29th Member of the Interstate Insurance Product Regulation Commission (Commission), created by the National Association of Insurance Commissioners (NAIC).
The Michigan Legislature adopted the Compact on Dec. 14. The bill now is on its way to Gov. Jennifer M. Granholm for action. Once the governor signs the Compact into law, Michigan officially would become the 29th state to become a member of the Commission, increasing the nationwide premium volume in the Compact to 48 percent. Michigan also will join the Management Committee, bringing it up to its full complement of 14 members, the commission statement said.
“With Michigan joining the Commission, it is clear that momentum is continuing and the Compact is set for greater growth in 2007,” said Diane Koken, Commission Management Committee Chair and Pennsylvania Insurance Commissioner. “By signing the Compact, all members of the Commission have affirmed their dedication to modernizing state-based insurance supervision and keeping pace with the always-evolving insurance marketplace.”
“Adoption of the Interstate Compact represents a big step forward for Michigan consumers and industry alike,” said Michigan Office of Financial and Insurance Services Commissioner Linda A. Watters. “Michigan continues to support the NAIC’s state-based modernization efforts and the promotion of regulatory uniformity.”
Since its introductory gathering in June, the Commission has established a Management Committee, adopted bylaws, elected officers, approved national standards for five adjustable life products and, during its inaugural annual meeting in November, named Frances Arricale as executive director.
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. Draft uniform standards that have been developed through the significant work of the Interstate Compact National Standards Working Group of the NAIC’s Speed-to-Market (EX) Task Force are available for the Commission to utilize in developing uniform national product standards. The Commission is confident it will be in a position to accept product filings for review and approval in 2007.
Source: Interstate Compact Commission
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