HB 5343 Summary

• Adopts the Interstate Insurance Product Regulation Compact, effective July 1, 2016, creating a multi-state commission to establish uniform standards for annuity, life insurance, disability income, and long-term care insurance products.

• Establishes the Interstate Insurance Product Regulation Commission with authority to develop uniform product standards, review and approve product filings and related advertisements, and enforce compliance among member states.

• Designates Connecticut's Insurance Commissioner as the state's representative to the commission, with membership and voting rights in the commission's governance structure.

• Connecticut opts out of all uniform standards for long-term care insurance, disability income insurance, and certain life insurance products that conflict with existing Connecticut state law to preserve existing statutory requirements.

• Compact becomes operational once 26 states enact it or states representing more than 40 percent of the national premium volume for covered insurance products join the agreement.