HB 789 -- Interstate Insurance Product Regulation Compact

Sponsor:  Wilson (130)

This bill establishes the Interstate Insurance Product Regulation
Compact.  The compact establishes a single point of filing for
certain insurance products and rate filings which are subject to
uniform national standards developed by the members of the
compact; however, companies are still allowed the option to file
products in individual states through the existing form filing
processes.  Unless a state opts out, approval of a product by the
compact will be the same as the approval by a member state.
Individual states will continue to regulate market activities and
allow for the coordination among states and the Interstate
Insurance Product Regulation Commission, established in the bill,
will determine violations of uniform standards subject to the
final order of the commission.

The commission becomes operational if 26 states or states
representing 40% of the premiums for life, annuities, disability,
and long-term care insurance join the compact.  The commission
will make an annual report to the legislature and governor of
each state in the compact.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am