Senate Bill 2172 Summary

• Creates the Interstate Insurance Product Regulation Compact, establishing a joint commission of compacting states to develop uniform standards for annuity, life insurance, disability income, and long-term care insurance products.

• Commission receives and reviews insurance product filings and advertisements, approving those that meet uniform standards; insurers may still file products directly with individual states under those states' laws.

• Compact becomes effective when two states enact it, but commission begins regulating products only after 26 states participate or states representing more than 40% of premium volume join.

• North Dakota opts out of all existing and prospective uniform standards for long-term care insurance products to preserve its own statutory requirements.

• Commission has authority to promulgate rules, establish uniform standards (requiring two-thirds member vote), collect filing fees, employ staff, and enforce state compliance; compacting states may withdraw or be terminated for default.