LOUISVILLE, KY (News Release) – Senator Jason Rapert of Conway has been appointed to the Interstate Insurance Product Regulation Commission, a national body that reviews insurance policies to ensure they meet necessary standards before being sold to consumers.
“I’m greatly honored by this appointment,” Rapert said. “The insurance industry continues to go through rapid changes, in the products it offers and in the business climate in which it operates. That’s why it’s more important than ever for government regulators to stay on top of these changes.”
“Insurance regulations must facilitate and keep pace with the changes in the industry and the new financial products that are coming on the market, otherwise they may hinder investment and economic growth,” Rapert said.
Rapert, the chairman of the Arkansas Senate Committee on Insurance and Commerce, sponsored Act 1330 of 2013. The legislation brought Arkansas’ insurance laws into compliance with uniform national standards and allowed Arkansas to become one of 44 states and territories that have adopted the standards and joined the national insurance compact.
States that belong to the compact are attractive to insurance companies because complying with state regulations is more streamlined, and therefore it is easier to introduce new products and policies. When more companies do business in the state, it boosts competition and consumers benefit. New products become available sooner, since the review and approval process is faster and more efficient.
Rapert was appointed to the Commission’s Legislative Committee by the National Conference of State Legislators (NCSL) to serve as its Southeastern Zone representative. His term lasts two years.
Rapert also is vice chairman of the Joint Committee on Public Retirement and Social Security Systems and is a member of the Health Insurance Marketplace Legislative Oversight Committee. He also serves on the State and Public School Life and Health Insurance Task Force and the Economic and Tax Policy Committee.
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