H.B. 694
Died in committee 2/3/09
Enacts the Interstate Insurance Product Regulation Compact; sets forth the purposes of the compact; defines certain terms used in the compact; establishes the interstate insurance product regulation commission; sets forth the powers of the commission; sets forth provisions for the organization of the commission; sets forth provisions regarding the meetings and acts of the commission; sets forth the rules and operating procedures of the commission; sets forth provisions regarding commission records and enforcement; sets forth provisions regarding dispute resolution of the commission; sets forth provisions regarding product filing with and approval from the commission; sets forth provisions regarding review of commission decisions regarding filings; sets forth provisions regarding the finances of the commission; sets forth provisions regarding compacting states eligible for, the effective date of, and amendments to the compact; sets forth provisions regarding withdrawal from the compact, default under the compact, and dissolution of the compact; sets forth provisions regarding the severability and construction of the provisions of the compact; sets forth provisions regarding the binding effect of the compact and the effect of the compact on other laws.

S.B. 2841
Signed by governor 3/17/09, Chapter 357
Enacts the Interstate Insurance Product Regulation Compact; sets forth the purposes of the compact; defines certain terms used in the compact; establishes the interstate insurance product regulation commission; sets forth the powers of the commission; sets forth provisions for the organization of the commission; sets forth provisions regarding the meetings and acts of the commission; sets forth the rules and operating procedures of the commission; sets forth provisions regarding commission records and enforcement; sets forth provisions regarding dispute resolution of the commission; sets forth provisions regarding product filing with and approval from the commission; sets forth provisions regarding review of commission decisions regarding filings; sets forth provisions regarding the finances of the commission; sets forth provisions regarding compacting states eligible for, the effective date of, and amendments to the compact; sets forth provisions regarding withdrawal from the compact, default under the compact, and dissolution of the compact; sets forth provisions regarding the severability and construction of the provisions of the compact; sets forth provisions regarding the binding effect of the compact and the effect of the compact on other laws.

A.B. 2614
Passed Assembly 2/5/09
S.B. 1258
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. Finally, the bill provides that compacting states may withdraw from the compact altogether, by repealing the statute which enacted the compact into law.

A.B. 6191
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.

S.B. 4869
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.