Interstate Insurance Product Regulation Compact: 2013 Legislation

Insurance Claim Form

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..

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


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