The Ohio House of Representatives and Senate have adopted the Interstate Insurance Product Regulation Compact. The measure will now go to Governor Bob Taft for his signature, who is expected to make Ohio the 26th and decisive member of the Compact.

The Compact legislation also awaits Governor Frank Murkowski's signature in Alaska, the 25th state to adopt the measure.

“The Interstate Compact is an important initiative that creates uniform regulatory standards among the participating states, promoting greater uniformity and efficiency in an ever-changing insurance market,” said Ann Womer Benjamin, director of the Ohio Department of Insurance. “The NAIC and the participating states had a clear vision and the determination to establish a progressive process that reduces costs and greatly benefits consumers, insurers and regulators.”

The Interstate Insurance Product Regulation Compact creates an interstate commission that provides the states with the ability to collectively use their expertise to develop uniform national product standards affording a high level of protection to consumers of life insurance, annuities, disability income and longterm care insurance products. The Compact will establish a central point of filing for these insurance products, enhancing the speed and efficiency of regulatory decisions based on strong product standards and allowing companies to compete more effectively in the modern financial marketplace