Loading chat...
NY A01732
Bill
Status
1/14/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
-
New York would join the Interstate Insurance Product Regulation Compact, an agreement already adopted by 44 states representing approximately two-thirds of national premium volume for covered insurance products
-
Creates uniform national standards for life insurance, annuities, disability income, and long-term care insurance products through the Interstate Insurance Product Regulation Commission (IIPRC), which serves as a central clearinghouse for product filings and approvals
-
Establishes a 14-member management committee to govern commission operations, with representation based on state premium volume, and grants the commission authority to promulgate rules with the force of law in compacting states
-
New York opts out of all uniform standards for long-term care insurance products and existing standards for annuity and disability income products, with the Department of Financial Services authorized to opt out of future standards for those product lines
-
Takes effect 180 days after becoming law and allows compacting states to withdraw by repealing the compact legislation, while approved products remain valid unless formally rescinded
Legislative Description
Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states and to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.
Last Action
referred to insurance
1/7/2026