Date: March 26, 2008
For more information contact: Eileen Mallow, Assistant Deputy Commissioner, (608)266-7843 or eileen.mallow@wisconsin.gov

Wisconsin joins Interstate Insurance Compact

Madison, WI—With the signature on March 26 by Governor Jim Doyle on SB 294, Wisconsin becomes the 31st state to join the Interstate Insurance Product Regulation Compact.

"I am pleased to sign this bill today to allow Wisconsin to join the Compact and help consumers get timely access to new insurance products, while maintaining appropriate regulation over insurance products," Governor Doyle said.

The compact provides for a single point of filing by insurers for forms and rates for long-term care, annuity and life insurance products among the Compact members. It allows for a coordinated review and approval by participating states for these products. It will permit insurers to bring these products to insurance consumers more quickly.

"As part of our continuing efforts to better coordinate insurance regulatory practices among the 50 states, we requested approval from the Governor and Legislature to join this compact," said Commissioner of Insurance Sean Dilweg. "I thank the Governor and the Legislature for their bipartisan effort to get this done."

The Office of the Commissioner of Insurance (OCI) retains enforcement authority for any violations of state laws for products that are approved by the Compact.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.