HB 1691 -- Interstate Insurance Product Regulation Compact

Sponsor:  Wilson (130)

This bill authorizes Missouri to enter into 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, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm