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March 31, 2015

Commissioner Mattax Elected Chairman of National Commission

AUSTIN – Texas Insurance Commissioner David Mattax was elected chairman of the Interstate Insurance Product Regulation Commission (IIPRC) on March 27 in Phoenix, AZ. The Commission also selected Virginia Insurance Commissioner Jacqueline K. Cunningham as Vice Chair and Puerto Rico Insurance Commissioner Angela Weyne as Treasurer.

“Texas has been an early and strong supporter of the Compact,” said Commissioner Mattax. “As Chair of the IIPRC, I am looking forward to working with my fellow member states to continue this important effort to develop uniform standards and encourage all states and companies to participate in this transformative state-based organization.”

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.

Also on March 27, the IIPRC released its 2014 Annual Report, highlighting its sustained growth and advances. Highlights include welcoming Arizona as the newest Compacting State, completing the first five-year review of the individual life and annuity uniform standards, and increasing the number of efficiency-minded companies utilizing the speed-to-market benefits of the Commission’s product filing process.

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Last updated: 3/31/2015