CS/CS/HB 383 - Interstate Insurance Product Regulation Compact Summary

• Enacts the Interstate Insurance Product Regulation Compact to establish uniform standards for annuity, life insurance, disability income, and long-term care insurance products across compacting states.

• Creates the Interstate Insurance Product Regulation Commission as a not-for-profit entity to develop uniform product standards, review product filings, approve products and advertisements, and coordinate regulatory resources among states.

• Designates the Commissioner of Insurance Regulation as Florida's representative on the commission and grants the commissioner authority to designate an alternate representative.

• Florida prospectively opts out of all uniform standards for long-term care insurance products and certain other standards that conflict with existing Florida state law protections.

• Effective July 1, 2014; requires the Office of Insurance Regulation to report to the Legislature by January 1, 2014 on whether the compact provides consumer protections equivalent to Florida law.