SB2544 Summary: Interstate Insurance Product Regulation Compact

• Establishes the Interstate Insurance Product Regulation Compact, creating an interstate commission to develop uniform standards for annuity, life insurance, disability income, and long-term care insurance products across participating states.

• Creates the Interstate Insurance Product Regulation Commission as a joint public agency with authority to promulgate rules, establish uniform standards, review and approve insurance products and advertisements, and enforce compliance among compacting states.

• Grants the commission power to receive and expeditiously review insurance product filings from insurers, approve products meeting uniform standards, and regulate advertising for covered insurance products.

• Becomes effective when two states enact it, but the commission only functions for product approval once 26 states or states representing 40% of relevant insurance premiums have joined.

• Allows individual compacting states to opt out of specific uniform standards by demonstrating through findings of fact that the standard does not provide reasonable consumer protections for their state's conditions.