Back 

IIPRC 2012 Legislation

Interstate Insurance Product Regulation Compact

2012 Legislation

Last updated: January 11, 2013

NCSL Staff Contact: Heather Morton, Denver, (303) 364-7700

States are committed to pursuing modernization of state insurance regulation and they are adopting a streamlined system of product regulation over four product lines: life insurance, annuities, disability income, and long-term care insurance. Through the compact, states are creating uniform product standards, which allows insurers to market insurance products more quickly since they will not have to meet state-specific standards.

Since meeting its operational threshold in May 2006, the IIPRC now has 41 Member States representing approximately two-thirds of the premium volume nationwide.

In the 2012 legislative session, five bills in three states were pending regarding the IIPRC.

Related NCSL Webpages:

Interstate Insurance Product Regulation Compact Statutes 2011 Legislation
2010 Legislation 2009 Legislation

 

FL | NY | TN
STATES
BILL SUMMARY
Alabama
none
Alaska
none
Arizona
none
Arkansas
none
California
none
Colorado
none
Connecticut
none
Delaware
none
District of Columbia
none
Florida

S.B. 1386
Died in committee 3/9/12
Provides for establishment of an Interstate Insurance Product Regulation Commission; designates the commissioner of Insurance Regulation as the representative of this state on the commission; provides for qualified immunity, defense, and indemnification of members, officers, employees, and representatives of the commission; prohibits the commission from pledging the credit of any compacting states without authority; requires the commission to keep complete accurate accounts, provide for audits, and make annual reports to the governors and legislatures of compacting states; provides for withdrawal from the compact, default by compacting states, and dissolution of the compact.

Georgia
none
Guam
none
Hawaii
none
Idaho
none
Illinois
none
Indiana
none
Iowa
none
Kansas
none
Kentucky
none
Louisiana
none
Maine
none
Maryland
none
Massachusetts
none
Michigan
none
Minnesota
none
Mississippi
none
Missouri
none
Montana
No Regular 2012 Session
Nebraska
none
Nevada
No Regular 2012 Session
New Hampshire
none
New Jersey
none
New Mexico
none
New York

A.B. 4432
S.B. 3057
Passed Senate 6/19/12
Establishes the "Interstate Insurance Product Regulation Compact" to regulate certain insurance products among member states and to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.

North Carolina
none
North Dakota
No Regular 2012 Session
Ohio
none
Oklahoma
none
Oregon
none
Pennsylvania
none
Puerto Rico
none
Rhode Island
none
South Carolina
none
South Dakota
none
Tennessee

H.B. 2510
Substituted 2/13/12
S.B. 2319
Signed by governor 2/28/12, Public Chapter 529
Extends the sunset provision on the Interstate Insurance Product Regulation Compact of 2007 to June 30, 2017.

Texas
No Regular 2012 Session
Utah
none
Vermont
none
Virginia
none
Washington
none
West Virginia
none
Wisconsin
none
Wyoming
none

Powered by State Net

Share this: 
NCSL Summit 2014
We are the nation's most respected bipartisan organization providing states support, ideas, connections and a strong voice on Capitol Hill.

NCSL Member Toolbox

Denver

7700 East First Place
Denver, CO 80230
Tel: 303-364-7700 | Fax: 303-364-7800

Washington

444 North Capitol Street, N.W., Suite 515
Washington, D.C. 20001
Tel: 202-624-5400 | Fax: 202-737-1069

Copyright 2014 by National Conference of State Legislatures