HB75 Summary

• Adopts the Interstate Insurance Product Regulation Compact to establish uniform standards for approval of individual and group annuity, life, disability income, and long-term care insurance policies across compacting states.

• Designates Alabama's Commissioner of Insurance as the state's representative to the Interstate Insurance Product Regulation Commission and permits Alabama to become a member state.

• Creates a central clearinghouse administered by the Commission to receive, review, and approve insurance products and related advertisements that meet applicable uniform standards.

• Establishes governance structure including a management committee, commission with rule-making authority, and legislative/advisory committees; allows states to opt out of uniform standards under specified conditions.

• Preserves existing state authority over insurance market regulation and does not preempt claims or remedies available under Alabama's Insurance Code or common law.