Senate Bill S426

2017-2018 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance 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-S426 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add Art 82 §§8201 - 8217, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: S4869
2011-2012: S3057
2013-2014: S2895
2015-2016: S3287
2019-2020: S3507
2021-2022: S3770
2023-2024: S2794

2017-S426 (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-S426 (ACTIVE) - Sponsor Memo

2017-S426 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    426
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2017
                                ___________
 
 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

   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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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