Alaska becomes the decisive state for interstate compact.More than half the states now have signed the Interstate Insurance Product Regulation Compact, bringing to fruition a four-year project by state regulators to establish a national clearinghouse for life insurance product standards. The compact received its decisive signature when Gov. Frank Murkowski Francis Hughes Murkowski (born March 28, 1933) is an American politician and a member of the Republican Party. He was a United States Senator from Alaska from 1981 until 2002 and Governor of Alaska from 2002 until 2006. made Alaska the 26th state to join the compact. Parties to the interstate compact A voluntary arrangement between two or more states that is designed to solve their common problems and that becomes part of the laws of each state. Interstate compacts in the United States were first used by the American colonies to settle boundary disputes. agree to determine and adopt uniform standards for review and approval of life, annuities, disability income and long-term-care products. The American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. welcomed the news. In a statement, ACLI ACLI American Council of Life Insurers ACLI Associazioni Cristiane Lavoratori Italiani (Italy) ACLI American Council of Life Insurance ACLI Ada Command Language Interpretation President Frank Keating said the group looked to the compact as "part of our comprehensive effort to achieve a modern, efficient regulatory system that will benefit consumers and companies alike." "While ACLI continues to support a dual chartering system of regulation for life insurance, we recognize that many insurers will opt to remain state regulated. The National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. established the compact in 2002 with an operational goal of either 26 states or enough states to represent 40 of the premium volume in the United States to put the pact in place. Ohio became the 25th state to join the compact with the May 12 signature of Gov. Robert Taft. With Alaska and Ohio on board, the 26 compact states now represent 39% of premium volume, according to the NAIC NAIC See National Association of Investors Corporation (NAIC). . With these additions in place, the NAIC said its Interstate Insurance Product Regulation Commission would look to form an initial management committee to implement the compact among signatory states. In June the commission determined its headquarters will be in the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and its initial leader will be Pennsylvania Commissioner Diane Koken. Maine Insurance Superintendent Alessandro Iuppa will head a committee that will screen candidates for the compact's executive director. The commission could welcome a 27th member soon, as the Minnesota Legislature has sent a bill adopting the compact to Gov. Tim Pawlenty. Were Minnesota included, the compact states would represent 42% of premium volume, the NAIC said. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion