CS for CS for CS for SB 242 - Interstate Insurance Product Regulation Compact

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

• Creates a multi-state commission with one member per state, governed by a management committee with representatives based on premium volume, and requires two-thirds vote for adoption of uniform standards.

• Florida prospectively opts out of all long-term care insurance uniform standards and retains authority to opt out of new standards or amendments through legislation, regulation, or administrative order.

• Exempts commission from state taxation except for unemployment taxes and state business taxes, and subjects commission records in Florida's possession to public records law (Chapter 119, Florida Statutes).

• Effective date is July 1, 2014; invalidation of opt-out provisions renders the entire act invalid.