Interstate Insurance Product Regulation Compact: 2013 Legislation

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Heather Morton, Denver office, 303-364-7700

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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 43 Member States representing approximately two-thirds of the premium volume nationwide.

In the 2013 legislative session, seven bills in five states were pending regarding the IIPRC. Arkansas, Florida and Montana enacted legislation adopting the IIPRC. Florida's new law does not became effective until July 1, 2014.

AR | CT | FL | MT | NY V-W

STATES	BILL SUMMARY
Alabama	none
Alaska	none
Arizona	none
Arkansas	S.B. 1170 Signed by governor 4/18/13, Act 1330 Adopts the Interstate Insurance Product Regulation Compact.
California	none
Colorado	none
Connecticut	S.B. 35 Failed Joint Favorable deadline 3/21/13 Adopts the Interstate Insurance Product Regulation Compact.
Delaware	none
District of Columbia	none
Florida	H.B. 383 Signed by governor 6/7/13, Chapter 140 Provides legislative findings and intent; provides purposes; provides for establishment of Interstate Insurance Product Regulation Commission; provides responsibilities of commission; specifies commission as instrumentality of compacting states; provides for venue; specifies commission as separate, not-for-profit entity; provides powers of commission; provides for organization of commission; provides for membership, voting and bylaws; designates the commissioner of Insurance Regulation as representative of state on commission; allows the commissioner of Insurance to designate person to represent state on commission; provides for management committee, officers and personnel of commission; provides authority of management committee; provides for legislative and advisory committees; provides for qualified immunity, defense and indemnification of members, officers, employees and representatives of commission; provides for meetings and acts of commission; provides rules and operating procedures; provides rulemaking functions of commission; provides for opting out of uniform standards; provides procedures & requirements; provides for commission records and enforcement; authorizes commission to adopt rules..
Florida	S.B. 242 Laid on table 4/29/13 Provides for the establishment of an Interstate Insurance Product Regulation Commission; specifies the commission as an instrumentality of the compacting states; designates the commissioner of Insurance Regulation as the representative of the state on the commission; provides for qualified immunity, defense, and indemnification of members, officers, employees, and representatives of the commission; exempts the commission from all taxation, except as otherwise provided, etc.
Georgia	none
Guam	not available
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	S.B. 28 Signed by governor 4/30/13, Chapter 360 Adopts the Interstate Insurance Product Regulation Compact; authorizes the state auditor as commissioner of insurance to participate in the compact; ensures that participating states provide a common framework for regulating designated insurance products; provides rulemaking and opt-out authority; limits governmental liability.
Nebraska	none
Nevada	none
New Hampshire	none
New Jersey	none
New Mexico	none
New York	A.B. 1983 S.B. 2895 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	none
C. Northern Mariana Islands	not available
Ohio	none
Oklahoma	none
Oregon	none
Pennsylvania	none
Puerto Rico	none
Rhode Island	none
South Carolina	none
South Dakota	none
Tennessee	none
Texas	none
Utah	none
Vermont	none
Virginia	none
Virgin Islands	not available
Washington	none
West Virginia	none
Wisconsin	none
Wyoming	none