New York A 1732: Enacts the court order protection act

Bill Text

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A01732 Summary:

BILL NOA01732 

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SAME ASSAME AS S05046

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SPONSORWeprin

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COSPNSRClark, Cook

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MLTSPNSR

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Add Art 82 §§8201 - 8218, Ins L

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Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states and to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.

Go to top A01732 Actions:

BILL NOA01732 

&nbsp

01/14/2025referred to insurance

01/07/2026referred to insurance

Go to topA01732 Committee&nbspVotes:

Go to topA01732 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA01732 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1732

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Insurance

 AN ACT to amend the insurance law, in relation to establishing the
 interstate insurance product regulation compact to regulate certain
 insurance products

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Legislative findings and intent. An interstate compact is
 2 a contract between the states that allows them to cooperate on multi-
 3 state or national issues while still retaining state control. Interstate
 4 compacts are specifically mentioned in the U.S. Constitution and have
 5 been historically used to address border disputes and water rights. The
 6 use of interstate compacts has expanded significantly in recent decades
 7 to cover tax, motor vehicle licensing, environmental, emergency manage-
 8 ment and other issues. Over 200 interstate compacts currently exist, and
 9 on average every state belongs to at least 25 compacts. The Interstate
 10 Insurance Product Regulation Compact, which to date has been adopted by
 11 44 member states, representing approximately two-thirds of the premium
 12 volume in the nation, created the Interstate Insurance Product Regu-
 13 lation Commission (IIPRC). The IIPRC provides the States with a vehicle
 14 to (1) develop uniform national product standards that will afford a
 15 high level of protection to consumers of life insurance, annuities,
 16 disability income and long-term care insurance products; (2) establish a
 17 central point of filing for these insurance products; and (3) thoroughly
 18 review product filings and make regulatory decisions according to the
 19 uniform product standards. The IIPRC is an important modernization
 20 initiative that benefits state insurance regulators, consumers, and the
 21 insurance industry. The Compact enhances the efficiency and effective-
 22 ness of the way insurance products are filed, reviewed, and approved
 23 allowing insurance customers to have faster access to competitive insur-
 24 ance products in an ever-changing global marketplace. The Compact

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03797-01-5

 A. 1732 2

 1 promotes uniformity through application of uniform product standards
 2 embedded with strong consumer protections. The state of New York seeks
 3 to join with other states as a member of the Interstate Insurance Prod-
 4 uct Regulation Compact and Commission.
 5 § 2. The insurance law is amended by adding a new article 82 to read
 6 as follows:

 7 ARTICLE 82
 8 INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

 9 Section 8201. Short title.
 10 8202. Purpose.
 11 8203. Definitions.
 12 8204. Establishment of the commission and venue.
 13 8205. Powers of the commission.
 14 8206. Organization of the commission.
 15 8207. Meetings and acts of the commission.
 16 8208. Rules and operating procedures; rule making functions of
 17 the commission and opting out of uniform standards.
 18 8209. Commission records and enforcement.
 19 8210. Dispute resolution.
 20 8211. Product filing and approval.
 21 8212. Review of commission decisions regarding filings.
 22 8213. Finance.
 23 8214. Compacting states, effective date and amendment.
 24 8215. Withdrawal, default and termination.
 25 8216. Severability and construction.
 26 8217. Binding effect o