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H.B. 75
Signed by governor 6/9/11, Act 536
Provides and adopts the Interstate Insurance Product Regulation Compact to permit uniform approval of individual and group annuity, life, disability income, and long-term care insurance policies, and thus permit this state to become a member of the Interstate Insurance Product Regulation Commission, with the commissioner of Insurance designated to serve as the representative of this state to the commission.
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A.B. 23
Signed by governor 5/27/11, Chapter 118
This bill enacts, without any modifications, the language of the Interstate Insurance Product Regulation Compact as written by the National Association of Insurance Commissioners. This bill designates the commissioner of Insurance as Nevada’s representative to the Interstate Insurance Product Regulation Commission. This bill requires the commissioner to opt out of any uniform standard which is less protective than a law of this state and provides that the state of Nevada opts out of all uniform standards involving long-term care insurance products. This bill requires the commissioner to report to the 77th Session of the Nevada Legislature concerning the status of the uniform standards involving long-term care insurance products.
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A.B. 483
Signed by governor 1/5/11, Chapter 120
S.B. 175
Substituted 10/18/10
This bill, the "Interstate Insurance Product Regulation Compact," is designed to: promote and protect the interests of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products; develop uniform standards for these insurance products; establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related to those insurance products submitted by insurers authorized to do business in one or more compacting states; give appropriate regulatory approval to those product filings and advertisements satisfying applicable uniform standards; and improve coordination of regulatory resources and expertise among state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact. Under this bill, any state is eligible to become a compacting state, and the compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states. The bill provides that the compacting states shall establish a joint public agency known as the "Interstate Insurance Product Regulation Commission." Under the bill, the commission shall develop uniform standards for product lines, receive and provide prompt review of products filed therewith, and give approval to those product filings satisfying applicable uniform standards as developed by the commission. Governance, duties, and responsibilities and membership of the commission are established by the bill. Upon establishment of the commission, insurers and third party filers seeking to have a product approved by the commission shall file the product with, and pay applicable filing fees to, the commission. Any product approved by the commission may be sold or otherwise issued in those compacting states for which the insurer is legally authorized to do business. The bill also provides for a compacting state to "opt out" of certain uniform standards, and provides that a state may prospectively opt out of all uniform standards pertaining to long-term care insurance products by expressly providing for that opt out in the compact legislation. The bill contains a provision that New Jersey opts out of any future uniform standards established by the commission with respect to long-term care insurance products because this state has previously enacted the "New Jersey Long-Term Care Insurance Act," P.L.2003, c.207 (C.17B:27E-1 et seq.), which currently facilitates flexibility and innovation in the development of long-term care insurance coverage. The bill provides that compacting states may withdraw from the compact altogether, by repealing the statute which enacted the compact into law. Finally, the bill provides that the commissioner of Banking and Insurance shall report to the Legislature, as provided pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), within one year of the effective date of the bill or within one year of the operational date of the compact for the long-term care insurance products, whichever is later, the commissioner’s recommendation as to whether the state should participate in the compact with respect to all uniform standards involving long-term care insurance products under the compact.
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