CT HB05051

Connecticut joins the Interstate Insurance Product Regulation Compact, establishing a multi-state commission to develop uniform standards and review insurance products for annuities, life insurance, disability income, and long-term care insurance.

The Insurance Commissioner is designated as Connecticut's representative to the Interstate Insurance Product Regulation Commission, which will streamline product approvals across participating states.

The commission will establish uniform standards for covered insurance products and advertisements, with rules and uniform standards requiring a two-thirds vote of commission members to become effective.

Connecticut opts out of all uniform standards for long-term care insurance products and disability income insurance products to preserve existing state statutory requirements.

The compact becomes effective July 1, 2017, and requires at least 26 states or states representing more than 40% of premium volume in these insurance lines to activate the commission's product review functions.