SB 1386 Summary

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

• Designates the Commissioner of Insurance Regulation as Florida's representative on the commission and grants the commission authority to adopt binding uniform standards, approve product filings, and review advertisements related to covered insurance products.

• Allows Florida to prospectively opt out of all uniform standards involving long-term care insurance products, with authority remaining with the state for long-term care rate increase filings.

• Creates a management committee with representatives from compacting states, establishes bylaws and rulemaking procedures, and provides qualified immunity for commission members, officers, and employees.

• Appropriates $500,000 to the Office of Insurance Regulation from the Insurance Regulatory Trust Fund to implement the compact, effective October 1, 2012.