DE HB229

Delaware joins the Interstate Insurance Product Regulation Compact, an agreement among 45 states and Puerto Rico to create uniform standards for individual and group annuity, life insurance, disability income, and long-term care insurance products

Establishes the Interstate Insurance Product Regulation Commission as a joint public agency to develop uniform product standards, review insurance product filings, and approve products meeting those standards for sale across all compacting states

Delaware opts out of all existing and future uniform standards for long-term care insurance products to preserve the state's existing statutory requirements governing these products

Each compacting state receives one vote on the Commission, with a management committee of up to 14 members overseeing operations; uniform standards require two-thirds approval to take effect

The Delaware Insurance Commissioner is designated as the state's representative to the Commission