Assembly Bill A5208A

2015-2016 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2015-A5208 - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add Art 82 §§8201 - 8218, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: A4973
2019-2020: A1180
2021-2022: A9354
2023-2024: A6350

2015-A5208 - 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.

2015-A5208 - Bill Text download pdf

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

                                  5208

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2015
                               ___________

Introduced  by M. of A. SIMOTAS -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance  law,  in  relation  to  establishing  the
  interstate  insurance  product  regulation compact to regulate certain
  insurance products

  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
a contract between the states that allows them to  cooperate  on  multi-
state or national issues while still retaining state control. Interstate
compacts  are  specifically  mentioned in the U.S. Constitution and have
been historically used to address border disputes and water rights.  The
use  of interstate compacts has expanded significantly in recent decades
to cover tax, motor vehicle licensing, environmental, emergency  manage-
ment and other issues. Over 200 interstate compacts currently exist, and
on  average  every state belongs to at least 25 compacts. The Interstate
Insurance Product Regulation Compact, which to date has been adopted  by
44  member  states, representing approximately two-thirds of the premium
volume in the nation, created the  Interstate  Insurance  Product  Regu-
lation  Commission (IIPRC). The IIPRC provides the States with a vehicle
to (1) develop uniform national product standards  that  will  afford  a
high  level  of  protection  to  consumers of life insurance, annuities,
disability income and long-term care insurance products; (2) establish a
central point of filing for these insurance products; and (3) thoroughly
review product filings and make regulatory decisions  according  to  the
uniform  product  standards.  The  IIPRC  is  an important modernization
initiative that benefits state insurance regulators, consumers, and  the
insurance  industry.  The Compact enhances the efficiency and effective-
ness of the way insurance products are  filed,  reviewed,  and  approved
allowing insurance customers to have faster access to competitive insur-
ance  products  in  an  ever-changing  global  marketplace.  The Compact

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06596-03-5
              

co-Sponsors

2015-A5208A (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add Art 82 §§8201 - 8218, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: A4973
2019-2020: A1180
2021-2022: A9354
2023-2024: A6350

2015-A5208A (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.

2015-A5208A (ACTIVE) - Bill Text download pdf

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

                                 5208--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2015
                               ___________

Introduced  by  M. of A. SIMOTAS, SKOUFIS, STIRPE, MOYA, LAVINE, RIVERA,
  STECK -- read once and referred  to  the  Committee  on  Insurance  --
  recommitted  to the Committee on Insurance in accordance with Assembly
  Rule  3,  sec.  2  --  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

  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
a  contract  between  the states that allows them to cooperate on multi-
state or national issues while still retaining state control. Interstate
compacts are specifically mentioned in the U.S.  Constitution  and  have
been  historically used to address border disputes and water rights. The
use of interstate compacts has expanded significantly in recent  decades
to  cover tax, motor vehicle licensing, environmental, emergency manage-
ment and other issues. Over 200 interstate compacts currently exist, and
on average every state belongs to at least 25 compacts.  The  Interstate
Insurance  Product Regulation Compact, which to date has been adopted by
44 member states, representing approximately two-thirds of  the  premium
volume  in  the  nation,  created the Interstate Insurance Product Regu-
lation Commission (IIPRC). The IIPRC provides the States with a  vehicle
to  (1)  develop  uniform  national product standards that will afford a
high level of protection to  consumers  of  life  insurance,  annuities,
disability income and long-term care insurance products; (2) establish a
central point of filing for these insurance products; and (3) thoroughly
review  product  filings  and make regulatory decisions according to the
uniform product standards.  The  IIPRC  is  an  important  modernization
initiative  that benefits state insurance regulators, consumers, and the
insurance industry. The Compact enhances the efficiency  and  effective-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06596-04-6
              

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