Bill > A01732

This bill establishes the Interstate Insurance Product Regulation Compact (IIPRC), a voluntary agreement among states to create a collaborative framework for regulating certain insurance products. The compact aims to develop uniform national standards for individual and group annuity, life insurance, disability income, and long-term care insurance products, creating a centralized filing system that promotes efficiency and consumer protection. Key provisions include establishing an interstate commission that will develop uniform product standards, provide a central point for product filings, and conduct thorough reviews of insurance products. The commission will have the power to approve or disapprove product filings based on uniform standards, with members from each participating state having voting rights. The compact requires at least 26 states or states representing over 40% of premium volume to join before becoming fully operational. States can choose to participate or opt out of specific uniform standards, and the compact includes detailed provisions for governance, dispute resolution, financing, and withdrawal. The bill specifically notes that New York opts out of existing and future uniform standards for long-term care, annuity, and disability income insurance products to preserve the state's existing regulatory requirements.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A1732