Regulators Install Management Committee for Interstate Compact

The Interstate Insurance Product Regulation Commission created by the National Association of Insurance Commissioners installed its Management Committee and elected a Committee chair, vice-chair and treasurer recently during the Commission’s inaugural annual meeting in Lansdowne, Va.

The Commission elected Pennsylvania Insurance Commissioner Diane Koken as Management Committee chair; West Virginia Insurance Commissioner Jane Cline as vice-chair; and Minnesota Insurance Commissioner Glenn Wilson as treasurer. Effective Dec. 1, Frances “Fran” Arricale, executive director of the Commission, will serve as secretary, according to the Commission’s bylaws.

Members from the six largest compacting states include Koken (Pa.), Commissioner Mike Geeslin (Texas), Director Ann Womer-Benjamin (Ohio), Commissioner Jim Long (N.C.), Commissioner Julianne Bowler (Mass.) and Commissioner John Oxendine (Ga.).

Members representing compacting states with at least two percent of the market share of premium volume other than the six largest states are Wilson (Minn.), Commissioner Alfred W. Gross (Va.), and Commissioner Jim Atterholt (Ind.).

Based on an election to select representatives from compacting states with less than two percent of the premium volume based on the four NAIC regional zones, Cline (W. Va.) will represent the Southeastern zone; Commissioner John Crowley (Vt.) will represent the Northeastern zone; Commissioner Kim Holland (Okla.) will represent the Midwestern zone; and Commissioner Mike Kreidler (Wash.) will represent the Western zone.

For more information on the Commission, visit www.insurancecompact.org.

Currently, 28 members have joined the Interstate Insurance Product Regulation Commission. The compacting members 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, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace while continuing to provide protection for consumers.

Source: Interstate Compact Commission, NAIC

Topics Legislation Virginia