SB 2456 Summary: Interstate Insurance Product Regulation Compact

• Enacts the Interstate Insurance Product Regulation Compact, establishing the Interstate Insurance Product Regulation Commission to develop uniform standards for annuities, life insurance, disability income, and long-term care insurance products across participating states.

• Designates the Commissioner of the Office of Insurance Regulation as Florida's representative on the commission and authorizes the commission to receive product filings, conduct expedited reviews, and grant approval to products meeting uniform standards.

• Requires a two-thirds vote of commission members to adopt uniform standards and allows states to opt out of standards by legislation or regulation, with Florida explicitly opting out of all long-term care insurance product standards at enactment.

• Establishes a management committee of up to 14 members based on premium volume, along with legislative and advisory committees comprising state legislators, consumer representatives, and industry representatives.

• Becomes effective when the commission's operational procedures and adopted rules comply with Florida's public records laws; voids automatically if the commission later ceases to comply with public records requirements.