State insurance regulators have reached their operational goal for activation of an interstate compact on product regulation whose goal is to develop uniform national standards for life insurance, annuities, and disability income and long-term-care insurance.
Alaska this week became the 26th state to join the compact, and the Minnesota Legislature has sent a bill to the governor that would make it the 27th, the National Association of Insurance Commissioners said on Tuesday evening.
The compact establishes an Interstate Insurance Product Regulation Commission that is to hold a public meeting June 13 to consider an agenda including formation of an initial management committee, publication of bylaws, an initial budget, staffing requirements, and technology. An agenda will be posted to the NAIC's Web site at least 15 days before the meeting.
The compact is intended to let the states develop uniform national product standards affording protection to consumers. It also is to establish a central point of filing for new insurance products, enhancing the speed and efficiency of regulatory decisions based on strong product standards.
