Bill Bush
- Democratic
- Representative
- District 29
Primary
This Act authorizes the State of Delaware to execute the Interstate Insurance Product Regulation Compact to protect the interest of consumers of individual and group annuity, life insurance, and disability income insurance products; to develop uniform standards for insurance products covered by the Compact; to establish a central clearinghouse to receive and provide prompt review of insurance products covered under the Compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting jurisdictions; to give appropriate uniform standards; to improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of the insurance products covered by the Compact; to create the Interstate Insurance Product Regulation Commission; and to perform these and such other related functions as may be consistent with the state regulation of the business of insurance. A compacting state includes any state which has enacted the legislation and has not withdrawn or been terminated. This Act also designates the Delaware Insurance Commissioner as the State representative to the Commission. Currently, 45 states and Puerto Rico have adopted this Compact and 1 additional state has pending legislation.
Signed by Governor
Passed By Senate. Votes: 21 YES
Reported Out of Committee (Banking, Business & Insurance) in Senate with 2 Favorable, 4 On Its Merits
Assigned to Banking, Business & Insurance Committee in Senate
Passed By House. Votes: 41 YES
Suspension of Rules in House
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 5 On Its Merits
Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
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