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2004 SESSION
HB 1155 Interstate Insurance Product Regulation Compact; created.
Introduced by: Harvey B. Morgan | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Interstate Insurance Product Regulation Compact. Provides that Virginia is a Compacting State under the Interstate Insurance Product Regulation Compact. The Compact is intended to: (i) promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products; (ii) develop uniform standards for those insurance products; (iii) act as a central clearinghouse to review insurance products and advertisements; (iv) approve product filings and advertisements; (v) improve coordination of regulatory resources and expertise among state insurance departments regarding uniform standards and review of relevant insurance products; (vi) create the Interstate Insurance Product Regulation Commission; and (vii) perform other related functions consistent with state regulation of the business of insurance. This bill also appoints the Commissioner of Insurance as the Commonwealth's representative to the Interstate Insurance Product Regulation Commission.
SUMMARY AS INTRODUCED:
Interstate Insurance Product Regulation Compact. Makes Virginia a Compacting State under the Interstate Insurance Product Regulation Compact, whose purpose is to: (i) promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products; (ii) develop uniform standards for insurance products covered under the Compact; (iii) act as a central clearinghouse to review insurance products, and advertisements related thereto, submitted by insurers; (iv) approve product filings and advertisements satisfying the applicable uniform standard; (v) 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; (vi) create the Interstate Insurance Product Regulation Commission, and (vii) perform other related functions consistent with state regulation of the business of insurance. This bill also appoints the Commissioner of Insurance as the Commonwealth's representative to the Interstate Insurance Product Regulation Commission.