HB 605 (BR 2034) - R. Damron
AN ACT relating to establishment of an interstate compact to regulate designated insurance products.
Establish Subtitle 50 of KRS Chapter 304 and create a new section thereof to establish the Interstate Insurance Product Regulation Compact and make Kentucky a member of the compact; provide that among the purposes of the compact is to develop uniform standards for insurance products pertaining to individual and group annuity, life insurance, disability income, and long-term insurance products; create among the compacting states a joint public agency known as the Interstate Insurance Product Regulation Commission; establish powers of the commission; provide that each compacting state shall have one member of the commission; authorize the commission to establish bylaws, a management committee, and legislative and advisory committees; provide that a uniform standard shall become effective 90 days after its promulgation by the commission or such later date as determined by the commission; permit a compacting state to opt out of a uniform standard; provide that the commission shall attempt to resolve any disputes which may arise between two or more compacting states; require insurers and third-party filers who seek to have a product approved by the commission to file the product with the commission and pay filing fees; provide for appeal of disapproval of a product; authorize the commission to accept contributions and other forms of funding from the National Association of Insurance Commissioners, compacting states, and other sources; provide that any state is eligible to be a compacting state; provide that the compact shall become effective upon legislative enactment by two compacting states; provide that the compact shall be effective for adopting uniform standards for products filed with the commission only after 26 states are compacting states or states representing greater than 40 percent of the premium volume for life insurance, annuity, disability income, and long-term care insurance products based on records of the National Association of Insurance Commissioners for the prior year; provide for withdrawal from the compact; provide for action by the commission upon default by a compacting state; provide for dissolution of the compact; provide that all lawful actions of the commission are binding upon the compacting states.
Feb 25-introduced in House
Feb 26-to Banking and Insurance (H)
Mar 1-posted in committee
Mar 3-reported favorably, 1st reading, to Calendar
Mar 4-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, March 5, 2004
Mar 23-taken from the Regular Orders of the Day; recommitted to Appropriations and Revenue (H)