senate Bill S3057A

2011-2012 Legislative Session

Establishes the interstate insurance product regulation compact to regulate certain insurance products among member states

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Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (21)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 19, 2012 referred to insurance
delivered to assembly
passed senate
May 07, 2012 advanced to third reading
May 02, 2012 2nd report cal.
May 01, 2012 1st report cal.663
Mar 23, 2012 print number 3057b
amend and recommit to finance
Jan 30, 2012 reported and committed to finance
Jan 24, 2012 print number 3057a
amend and recommit to insurance
Jan 04, 2012 referred to insurance
returned to senate
died in assembly
Jun 15, 2011 referred to insurance
delivered to assembly
passed senate
Jun 14, 2011 ordered to third reading cal.1214
Jun 13, 2011 committee discharged and committed to rules
Jun 01, 2011 reported and committed to finance
Feb 08, 2011 referred to insurance

Votes

view votes

Jan 30, 2012 - Insurance committee Vote

S3057A
18
0
committee
18
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

S3057 - Details

See Assembly Version of this Bill:
A4432B
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add Art 88 §§8801 - 8817, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S4869B, A6191

S3057 - Summary

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.

S3057 - Sponsor Memo

S3057 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3057

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 8, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance  law,  in  relation  to  establishing  the
  interstate  insurance  product  regulation compact to regulate certain
  insurance products and providing for the  repeal  of  such  provisions
  upon expiration thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative findings and intent. An interstate  compact  is
an  agreement  between states that permits states to cooperate on multi-
state or national issues while retaining state control. There  are  over
two  hundred  interstate compacts currently in existence and every state
belongs to at least fourteen such  compacts.  The  interstate  insurance
product regulation compact is designed to streamline state product regu-
lation systems to allow insurers to more quickly market certain types of
insurance  products nationally and to reduce the number of variations of
the same product that a company must produce to  meet  specific  product
standards.  The  compact  would  cover individual and group products for
life insurance, annuities, disability income and long-term  care  insur-
ance.  The  state of New York seeks to join with other states and estab-
lish the interstate insurance product regulation compact  and  become  a
member of the interstate insurance product regulation commission.
  S  2.  The insurance law is amended by adding a new article 88 to read
as follows:

                               ARTICLE 88
             INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

SECTION 8801. SHORT TITLE.
        8802. PURPOSE.
        8803. DEFINITIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08107-03-1

S3057A - Details

See Assembly Version of this Bill:
A4432B
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add Art 88 §§8801 - 8817, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S4869B, A6191

S3057A - Summary

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.

S3057A - Sponsor Memo

S3057A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3057--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 8, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance  --  recommitted
  to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the insurance  law,  in  relation  to  establishing  the
  interstate  insurance  product  regulation compact to regulate certain
  insurance products and providing for the  repeal  of  such  provisions
  upon expiration thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative findings and intent. An interstate  compact  is
an  agreement  between states that permits states to cooperate on multi-
state or national issues while retaining state control. There  are  over
two  hundred  interstate compacts currently in existence and every state
belongs to at least fourteen such  compacts.  The  interstate  insurance
product regulation compact is designed to streamline state product regu-
lation systems to allow insurers to more quickly market certain types of
insurance  products nationally and to reduce the number of variations of
the same product that a company must produce to  meet  specific  product
standards.  The  compact  would  cover individual and group products for
life insurance, annuities, disability income and long-term  care  insur-
ance.  The  state of New York seeks to join with other states and estab-
lish the interstate insurance product regulation compact  and  become  a
member of the interstate insurance product regulation commission.
  S  2.  The insurance law is amended by adding a new article 88 to read
as follows:

                               ARTICLE 88
             INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08107-05-2

Co-Sponsors

S3057B (ACTIVE) - Details

See Assembly Version of this Bill:
A4432B
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add Art 88 §§8801 - 8817, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S4869B, A6191

S3057B (ACTIVE) - Summary

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.

S3057B (ACTIVE) - Sponsor Memo

S3057B (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3057--B

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 8, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance  --  recommitted
  to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee  --  reported  favorably  from  said
  committee  and  committed  to  the  Committee  on Finance -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the insurance  law,  in  relation  to  establishing  the
  interstate  insurance  product  regulation compact to regulate certain
  insurance products and providing for the  repeal  of  such  provisions
  upon expiration thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative findings and intent. An interstate  compact  is
an  agreement  between states that permits states to cooperate on multi-
state or national issues while retaining state control. There  are  over
two  hundred  interstate compacts currently in existence and every state
belongs to at least fourteen such  compacts.  The  interstate  insurance
product regulation compact is designed to streamline state product regu-
lation systems to allow insurers to more quickly market certain types of
insurance  products nationally and to reduce the number of variations of
the same product that a company must produce to  meet  specific  product
standards.  The  compact  would  cover individual and group products for
life insurance, annuities, disability income and long-term  care  insur-
ance.  The  state of New York seeks to join with other states and estab-
lish the interstate insurance product regulation compact  and  become  a
member of the interstate insurance product regulation commission.
  S  2.  The insurance law is amended by adding a new article 88 to read
as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08107-07-2

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