NY A06350

New York joins the Interstate Insurance Product Regulation Compact (IIPRC), a multi-state agreement to establish uniform national standards for life insurance, annuities, disability income, and long-term care insurance products.

Creates the Interstate Insurance Product Regulation Commission with authority to develop uniform product standards, review and approve product filings, and establish a central clearinghouse for insurance product regulation across compacting states.

Each compacting state has one member on the commission with voting rights; uniform standards require two-thirds member approval and become effective 90 days after promulgation unless a state opts out.

New York opts out of all long-term care insurance standards and existing annuity and disability income insurance standards to preserve state statutory requirements; the Department of Financial Services may opt out of future standards for these products.

Commission operates as an independent, not-for-profit entity funded through filing fees from insurers; compact becomes effective when 26 states or states representing more than 40 percent of premium volume enact it.