Texas Insurance Commissioner David Mattax was elected chairman of the Interstate Insurance Product Regulation Commission (IIPRC) in Phoenix, Ariz.
Virginia Insurance Commissioner Jacqueline K. Cunningham was elected as vice chair and Puerto Rico Insurance Commissioner Angela Weyne was elected treasurer.
The Interstate Insurance Compact (Compact) is an initiative that improves the efficiency and effectiveness of the way insurance products are filed, reviewed, and approved allowing consumers to have faster access to competitive insurance products in an ever-changing global marketplace. The Compact promotes uniformity through application of uniform product standards embedded with strong consumer protections. This serves as a great benefit to state insurance regulators, consumers, and the insurance industry.
The Compact established the IIPRC, a public entity which includes representatives from 44 U.S. jurisdictions. The organization enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income, and long-term care insurance.
IIPRC 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.
Topics Texas Legislation
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