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.
Summary
Bill A01732 proposes to amend New York's insurance law to establish the Interstate Insurance Product Regulation Compact. This compact aims to create a cooperative framework among member states to regulate specific insurance products, including life insurance, annuities, disability income, and long-term care insurance. The Interstate Insurance Product Regulation Commission (IIPRC) will be responsible for developing uniform national product standards, providing a central point for product filings, and ensuring consumer protections are upheld. The compact is designed to enhance the efficiency of insurance product regulation, allowing for quicker access to competitive insurance offerings in the market.
Impact
If enacted, this bill will align New York with 44 other states that have already adopted the compact, thereby standardizing the regulatory process for insurance products across these jurisdictions. This could lead to increased efficiency in product approvals and potentially lower costs for consumers due to enhanced competition. However, New York will also opt out of certain uniform standards related to long-term care insurance and annuities, maintaining its existing regulatory framework for these products.
Sentiment
The sentiment surrounding Bill A01732 appears to be generally supportive among those advocating for regulatory efficiency and consumer protection in the insurance market. However, there may be concerns from some stakeholders about the implications of opting out of certain uniform standards, particularly regarding the adequacy of consumer protections in the state.
Contention
Notable points of contention include the decision to opt out of existing and future uniform standards for long-term care insurance and annuities. Proponents of the compact argue that uniform standards will enhance consumer protection and streamline the regulatory process, while opponents may express concerns that opting out could weaken protections for New York consumers in these specific insurance areas.
Same As
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.
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.
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.
Enacts the "New York travel insurance act" regulating the licensing and registration of limited lines travel insurance producers and travel retailers, and the sale and marketing of travel insurance and related products.
Licensing and registration of limited lines travel insurance producers and travel retailers provided, and sale and regulation of travel insurance provided.
Enacts the "New York travel insurance act" regulating the licensing and registration of limited lines travel insurance producers and travel retailers, and the sale and marketing of travel insurance and related products.
Enacts the "New York travel insurance act" regulating the licensing and registration of limited lines travel insurance producers and travel retailers, and the sale and marketing of travel insurance and related products.