NY S04869

Establishes the Interstate Insurance Product Regulation Compact, a multi-state agreement allowing New York and other states to jointly regulate annuities, life insurance, disability income, and long-term care insurance products through a central commission.

Creates the Interstate Insurance Product Regulation Commission with power to develop uniform product standards, review and approve product filings, and regulate related advertisements, with rules binding on all compacting states unless a state opts out.

Allows individual compacting states to opt out of uniform standards by legislation or regulation if they find the standards do not provide reasonable consumer protections, provided the state commissioner makes specific findings of fact and conclusions of law.

Establishes commission governance including a management committee composed of representatives from compacting states (weighted by premium volume), members with immunity from liability except for intentional or willful misconduct, and annual independent audits of financial accounts.

Permits states to withdraw from the compact by repealing their enacting statute, with prior product approvals remaining effective in the withdrawing state unless formally rescinded, and dissolves the compact entirely if membership falls below two states; act expires December 31, 2013 unless extended.