NY A06191 | 2009-2010 | General Assembly
Status
Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on February 26 2009 - 25% progression, died in committee
Action: 2010-01-06 - referred to insurance
Pending: Assembly Insurance Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 26 2009 - 25% progression, died in committee
Action: 2010-01-06 - referred to insurance
Pending: Assembly Insurance Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Establishes an interstate insurance product regulation compact. The purposes of this Compact are, through means of joint and cooperative action among the compacting states: a. to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products; b. to develop uniform standards for insurance products covered under the compact; c. to establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states; d. to give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard; e. to improve coordination of regulatory resources and expertise among state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact; f. to create the interstate insurance product regulation commission; and g. to perform such other related functions as may be consistent with the state regulation of the business of insurance.
Title
An act to amend the insurance law, in relation to establishing the interstate insurance product regulation compact to regulate certain insurance products
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2010-01-06 | referred to insurance | |
| 2009-02-26 | referred to insurance |
