AR SB1170

Enacts the Interstate Insurance Product Regulation Compact into Arkansas law to establish uniform standards for life insurance, annuity, disability income, and long-term care insurance products across participating states

Creates the Interstate Insurance Product Regulation Commission as a joint agency of compacting states with authority to develop uniform standards, review product filings, and approve insurance products meeting applicable standards

Compact becomes effective upon enactment by two states, but Commission only becomes operational after 26 states or states representing over 40% of premium volume adopt the compact

Allows individual states to opt out of uniform standards through legislation or regulation if they determine standards do not provide reasonable consumer protections, with procedures for stays and appeals

Establishes a Management Committee comprising representatives from compacting states (with composition based on premium volume), along with legislative and advisory committees including consumer and insurance industry representatives