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:
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STATES
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BILL SUMMARY |
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Alabama
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none |
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Alaska
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none |
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Arizona
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none |
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Arkansas
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none |
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California
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none |
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Colorado
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none |
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Connecticut
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none |
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Delaware
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none |
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District of Columbia
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none |
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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.
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Georgia
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none |
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Guam
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none |
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Hawaii
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none |
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Idaho
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none |
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Illinois
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none |
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Indiana
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none |
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Iowa
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none |
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Kansas
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none |
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Kentucky
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none |
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Louisiana
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none |
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Maine
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none |
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Maryland
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none |
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Massachusetts
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none |
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Michigan
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none |
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Minnesota
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none |
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Mississippi
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none |
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Missouri
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none |
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Montana
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No Regular 2012 Session |
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Nebraska
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none |
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Nevada
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No Regular 2012 Session |
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New Hampshire
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none |
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New Jersey
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none |
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New Mexico
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none |
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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.
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North Carolina
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none |
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North Dakota
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No Regular 2012 Session |
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Ohio
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none |
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Oklahoma
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none |
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Oregon
|
none |
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Pennsylvania
|
none |
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Puerto Rico
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none |
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Rhode Island
|
none |
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South Carolina
|
none |
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South Dakota
|
none |
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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.
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Texas
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No Regular 2012 Session |
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Utah
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none |
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Vermont
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none |
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Virginia
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none |
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Washington
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none |
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West Virginia
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none |
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Wisconsin
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none |
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Wyoming
|
none |
