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NAIC Interstate Compact Advances in States

State insurance regulators are delivering on a promise to both consumers and the industry to further enhance the way insurers do business throughout the United...
March 22, 2004

State insurance regulators are delivering on a promise to both consumers and the industry to further enhance the way insurers do business throughout the United States. Only six months after members of the National Association of Insurance Commissioners (NAIC) adopted an aggressive regulatory modernization action plan, more than 20 states are considering the Interstate Insurance Product Regulation Compact, which creates uniform national product standards and provides a central point of filing for insurers.

Legislation to ratify the Compact has been signed by Colorado Governor Bill Owens, while in Utah and West Virginia the measure is waiting for the governor's signature. Iowa has a proposal to revise its Compact legislation, adopted last year, to conform to the current model. In addition, several more states plan to introduce model legislation this year.  In Kansas, a resolution supporting the Compact is under consideration by the House and Senate. Both the National Conference of State Legislatures and the National Conference of Insurance Legislators have pledged their support for the Compact.

Interstate Compact Becoming Law Throughout U.S. (NAIC 3/15/04)