Connecticut Seal

General Assembly

 

Raised Bill No. 5343

February Session, 2016

 

LCO No. 1165

 

*01165_______INS*

Referred to Committee on INSURANCE AND REAL ESTATE

 

Introduced by:

 

(INS)

 

AN ACT ADOPTING THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS' INTERSTATE INSURANCE PRODUCT REGULATION COMPACT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective July 1, 2016)

Pursuant to terms and conditions of this compact, the state of Connecticut seeks to join with other states and establish the Interstate Insurance Product Regulation Compact, and thus become a member of the Interstate Insurance Product Regulation Commission. The Insurance Commissioner is hereby designated to serve as the representative of this state to the commission.

ARTICLE I

PURPOSES

The purposes of this compact are, through means of joint and cooperative action among the compacting states:

ARTICLE II

DEFINITIONS

ARTICLE III

ESTABLISHMENT OF THE COMMISSION AND VENUE

ARTICLE IV

POWERS OF THE COMMISSION

ARTICLE V

ORGANIZATION OF THE COMMISSION

ARTICLE VI

MEETINGS AND ACTS OF THE COMMISSION

ARTICLE VII

RULES AND OPERATING PROCEDURES: RULEMAKING FUNCTIONS OF THE COMMISSION AND OPTING OUT OF UNIFORM STANDARDS

ARTICLE VIII

COMMISSION RECORDS AND ENFORCEMENT

ARTICLE IX

DISPUTE RESOLUTION

ARTICLE X

PRODUCT FILING AND APPROVAL

ARTICLE XI

REVIEW OF COMMISSION DECISIONS REGARDING FILINGS

ARTICLE XII

FINANCE

ARTICLE XIII

COMPACTING STATES, EFFECTIVE DATE AND AMENDMENT

ARTICLE XIV

WITHDRAWAL, DEFAULT AND TERMINATION

ARTICLE XV

SEVERABILITY AND CONSTRUCTION

ARTICLE XVI

BINDING EFFECT OF COMPACT AND OTHER LAWS

ARTICLE XVII

STATE OF CONNECTICUT OPT OUT

In accordance with the provisions of Article VII, section 4 of this compact, the state of Connecticut opts out of all existing and prospective uniform standards involving long-term care insurance products, all existing uniform standards involving disability income insurance products and all existing uniform standards involving life insurance products that conflict with subsection (b) of section 38a-430 of the Connecticut general statutes, in order to preserve the state's statutory requirements governing these insurance products.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2016

New section

Statement of Purpose:

To adopt the National Association of Insurance Commissioners' Interstate Insurance Product Regulation Compact.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]