Oklahoma Insurance Commissioner Kim Holland reported that the state senate passed the Interstate Insurance Product Regulation Compact, a measure Holland said was a priority for her, by a vote of 42-0.
The measure passed the Oklahoma House unanimously in February. After its approval by the Senate, the Interstate Compact headed directly to the Governor’s office for his consideration.
“The passage of the Interstate Compact has been a top priority of mine, and I am very appreciative of the legislature’s overwhelming support,” Holland said. “This will be very beneficial for Oklahoma consumers and the insurance industry within our state.”
The Compact establishes a multi-state public entity that allows states to pool their expertise to make regulatory decisions quickly and responsively on certain product filings according to uniform product standards created by the compacting states.
The covered products include investment-oriented insurance policies, such as life insurance, annuities, disability income insurance, and long-term care insurance. Once operational, the Compact will make the state system more efficient and enhance policyholder protections. It also provides insurance companies valued uniformity and a central point of filing allowing them to compete more effectively in the modern financial marketplace. The Compact will become operational when adopted by 26 states.
Twenty-two states have passed similar legislation creating the compacting jurisdiction. Those states currently include Colorado, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Nebraska, New Hampshire, North Carolina, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming. Compact legislation is also under consideration or expected in Alaska, Alabama, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, Ohio and Wisconsin.
“The Compact will promote market efficiencies that will help reduce costs while ensuring the continuation of the consumer protections we value,” added Holland.
Topics Legislation Oklahoma Politics
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