NY A09354

Enacts the Interstate Insurance Product Regulation Compact as Article 82 of New York Insurance Law, establishing the Interstate Insurance Product Regulation Commission (IIPRC) to develop uniform national product standards for life insurance, annuities, disability income, and long-term care insurance.

Grants the IIPRC authority to promulgate uniform standards, review and approve product filings and advertisements, establish filing procedures, and enforce compliance through dispute resolution and enforcement mechanisms across compacting states.

Establishes the IIPRC as a not-for-profit joint public agency with one member from each compacting state, a management committee based on market premium volume, and advisory committees for consumers and industry representatives.

Allows compacting states to "opt out" of uniform standards through legislation or regulation with specific findings, and permits New York to prospectively opt out of all long-term care insurance standards and existing annuity and disability income standards to preserve state statutory requirements.

Requires the compact to become effective when enacted by 26 states or states representing over 40% of premium volume in these product lines, and permits states to withdraw or be terminated for non-compliance while maintaining force of previously approved products.