Assembly Bill A4822

2017-2018 Legislative Session

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

download bill text pdf

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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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2017-A4822 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add Art 88 §§8801 - 8817, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6191
2011-2012: A4432
2013-2014: A1983
2015-2016: A1262
2019-2020: A5106

2017-A4822 (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.

2017-A4822 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4822
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced by M. of A. TITUS, STECK, WEPRIN, QUART, HEVESI, COOK -- read
   once and referred 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.
   § 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.
              

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