Bill > S05046

This bill establishes the "Interstate Insurance Product Regulation Compact" to create a multi-state system 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 and review process. By joining the compact, which has already been adopted by 44 states, New York will participate in the Interstate Insurance Product Regulation Commission (IIPRC), a joint agency that will streamline product approvals, promote consumer protection, and improve regulatory efficiency. The bill defines key terms, outlines the commission's powers and organization, and establishes processes for product filing, review, and approval. Notably, New York is opting out of existing and future uniform standards for long-term care, annuity, and disability income insurance products to preserve its own statutory requirements. The commission will operate as a nonprofit, interstate agency with the ability to develop uniform standards, review product filings, and provide a more standardized approach to insurance product regulation across participating states.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5046